It's all about AML (Anti-Money Laundering)

 Today we are going to talk about anti-money laundering and the importance of AML. Money laundering has become a global problem that not only threatens security but also compromises the stability, transparency, and efficiency of financial systems, thus undermining economic prosperity. The process of anti-money laundering is a set of policies, procedures, and technologies that prevent money laundering. The major steps in money laundering are placement, layering, and integration. Various controls are put in place to monitor suspicious activity that could be involved in money laundering.

Control is aided by anti-money laundering measures.

·         Criminalization to prevent money laundering, many governments, financial institutions, and businesses impose controls

·         Know your customers

·         Record management and software filtering

·         holding period

·         New technology

During AML regulation, banks are required to collect customer information, monitor and screen their transactions and report suspicious activity to financial regulatory authorities. AML policies also address terrorism financing, which uses similar methods to source and hide funding. Processware by Banksoft based on AML solutions helps by

·         Monitoring suspicious activity

·         UN watchlist filtering

·         AI-based fraud detection

·          Regulatory reports

·         Customers' Risk

·         Case management

Anti-Money Laundering is also used in the execution of transactions to eventually convert illegally obtained money into illegal money. AML legislation is becoming more stringent for financial service providers, preventing them from funding money laundering and terrorism.

Processware systems are prudent business solutions, and BankSoft AML is designed to facilitate banks' capture of unusual and suspicious transactions and track them. This solution has been developed as per RBI guidelines to help banks define the transaction limits and assign appropriate risk levels to customers.

Banksoft is fully integrated with core banking solutions and it generates all the necessary regulatory reports such as STR, CTR in addition to several exception reports and audit logs. Bank can then uphold these reports into FIU-IND towards compliance. Visit our website https://processwaresystems.com/aml.html