Combating money laundering can be costly, complicated, and prone to error. It requires that organisations perform appropriate due diligence, including screening financial transactions for suspicious activity, and checking customers against global sanctions lists. High risk customers must be monitored with an additional level of scrutiny. If not done or done incorrectly, organisations are left at risk.
Bottomline's anti-money laundering solution includes pre-configured rules to generate alerts required to comply with AML/CFT regulations, can track activity across multiple accounts for the same entity, and can detect direct and indirect links between accounts and customers. It provides the ability to match against imported lists (OFAC, FATF, NCCT, PEP, etc.) using exact matches, similar name matches, aliases, and spelling variations. The system is also able to run rules against internal watch list files generated by the financial institution.
- Combat money laundering and comply with regulations by checking customers against global sanctions lists.
- Monitor financial transactions for suspicious activity and establish risk profiles which must be performed for new customers to establish a risk profile.
- Periodically re-rate customers for risk levels.
- Understand relationships between individuals and groups to quickly identify potential crime.
- Proactively be alerted to abnormal customer and employee activity, which could be linked to money laundering schemes.
The solution includes pre-packaged rules that generate alerts and reports required for compliance with AML/CFT regulations. The system can be configured to detect suspicious activity according to country-specific requirements:
- Structuring – a customer who attempts to hide the size of reportable cash transactions by breaking them into multiple, smaller transactions.
- Suspicious currency-related transactions.
- Potential Money Service business activity.
- Major changes in customer behaviour compared to previous patterns.
- Link analysis to find a group of customers and accounts with suspicious relationships and/or transactions.
- Potential employee involvement in money laundering activity.
- Transactions to and from sanctioned countries.
All Bottomline Cyber Fraud and Risk Management solutions use a common platform to capture, normalise, analyse, and act. With this platform all data is captured, normalised, encrypted, and signed—making it easy to analyse suspicious behaviour over time and across applications, analyse and prevent new types of fraud, ensure compliance, and provide legally admissible forensic evidence. A common user interface for all types of fraud and compliance analysis maximises productivity of network operators and fraud investigators. Learn more about the Bottomline Cyber Fraud and Risk Management platform.