AML Compliance Services
Achieving Sustainability in the Face of Scrutiny
Anti-Money Laundering (AML) regulations are rapidly evolving in the face of an increasing volume of global transactions. Banks and other financial institutions must develop and maintain sustainable AML programs to comply with the accelerating demands – a challenging feat for most.
Federal Banking Agencies and the Financial Crimes Enforcement Network (FinCEN) focus their attention on enforcing the Bank Secrecy Act (BSA) and AML laws.
The key to BSA/AML compliance is proactive suspicious activity detection and customer authentication. And it is not just about knowing your customer – it’s knowing who they know, what they do, where they’re from and more.
For many banks and financial institutions, ensuring all of the above while proactively tracking risk is a complex undertaking that can take people and resources away from your core strategic initiatives.
Allsec’s Anti-Money Laundering as a Service (AMLS)
Allsec’s AML Services delivers peace of mind, improved flexibility and significant cost savings for financial institutions that need to mitigate risk and ensure BSA/AML compliance.
Customer Identification Program
OFAC and PEP Screening
Negative News Searches
Know Your Customer / Customer Due Diligence
Enhanced Due Diligence
Transaction Monitoring and Alert Review
Document Reviews and Evidence Analysis
Entity Identification and Analysis
Geographic Risk Identification
Our investigations processes yield favorable results. We check multiple sources across primary and third party authentication and verification tools, and maximize productivity by leveraging machine learning technology to find and prevent questionable transactions.
Our AML Services allow you to:
Access critical information that is otherwise not easily obtained
Instantly authenticate identities
Track unlisted phone numbers and link individuals
Leverage advanced analytics to determine and prevent potential risky transactions
Quickly and efficiently locate and verify records
Which, in turn, allows you to:
Mitigate risk by outsourcing AML compliance processes to an established partner
Strengthen compliance to constantly meet evolving regulatory changes
Reduce operating costs with outcomes-based variable pricing models
Accelerate customer onboarding through innovative information gathering methods and advanced machine learning programs
Streamline SARs with the help of expert resources
The client is a major multinational bank with operations in some of the world’s most dynamic markets. It attracted increased scrutiny from regulators, resulting in the need to review and investigate a large volume of backlogged cases.
Working directly for the bank, analysts and investigators at Allsec’s Texas AML hub reviewed 300K alerts and 80K cases and conducted expanded reviews for a discrete set of cases generated in high risk jurisdictions. 95% of the cases reviewed were cleared and closed, with 5% of the cases being escalated for suspicious activity. The Project was completed well ahead of the deadline set by the client.