AML Monitor for your anti-money laundering reporting compliance

AML Monitor software is a bespoke solution developed by Summit Consulting Ltd that automates your Anti-Money Laundering (AML) reporting requirements; and helps you to focus on things that need human time. Say no to routine and repetitive tasks relating to AML compliance by automating them.

The primary role of the Board of Directors is oversight and risk management. In all countries, The Financial Institutions Act, Central Bank Regulations and International Laws like Sarbanes Oxley Act, and other best practices by leading global entities like Financial Action Task Force (FAFT), require financial institutions i.e. banks and insurance companies to implement anti-money laundering requirements especially reporting of suspicious transactions on a weekly basis. Financial institutions, and now telecom companies involved in mobile money, are mandated to report money laundering risks through suspicious transactions filing to ensure a safe economy.

Uganda, just like other countries in Africa and world at large, passed the Anti-Money Laundering Law; which provides for the establishment of the financial intelligence authority (FIA). The AML law also provides for financial institutions to report suspicious transactions to the FIA as well as to comply to all know your customer (KYC) and know your business partner rules.

The challenge

  1. Most banks and insurance companies lack a system to automate the AML reporting requirements. They have a team of staff to manually review each and every transaction which is tiresome and exposed to high risk of errors – false positives and negatives.
  2. Banks spend a lot of money in hiring people to review transactions from their core banking app and then summarize and write a report to FIA in a specified format. This reporting is prone to human error as it is too manual and tiresome.
  3. On a daily basis, bank’s post several transactions at different branches in different locations. The banks are expected to review each and every transaction for suspicious activity or behavior and include it in the suspicious transaction report. To do this, banks have to run a script in the live database; which produces some transactions; which are then exported to MS Excel, reviewed and then included in the suspicious transaction report. This process exposes the bank/ insurance or mobile money operator to possible risk of compliance failure. No real time reporting of transactions is done, which means the process is reactive and adds little value.

The alternative is an expensive software (called AML GO) that automates the AML reporting process. The software by an international firm costs over US $350,000 to acquire! And annual fee to maintain it is US $100,000!!! That is a fortune spent!

We have a solution for you:

AML Monitor automates the AML reporting requirements – as follows:

Step 1: We review your core banking application database set up

Step 2: We link the AML Monitor to read data directly and seamlessly from your database – no modifications done

Step 3: We set the data analytic rules – that for data extracted from your core live banking application, what exactly do you want captured – which exceptions? We set as many as unlimited rules you need

Step 4: We get data from any other 3rd party database you want us to compare your live database against eg. FAFT list, if any or any global database for which you want a notification when they transact

Step 5: We give you more power with your data. Are you a CEO or business development manager or just a risk manager? Do you want to know your data better independent of your IT department? The AML Monitor system will capture real actual data and interrogate it for first hand facts – no more going to IT and asking for data extract or printout (which in our experience, some edit it before giving it to you!!!) so you make decisions on edited data?

Step 6: We have your back. We shall continue analyzing and giving you any additional customization you might need as your business and or roles and responsibilities improves. Do more with advanced analytic

Step 7: On-going support.

For a demo: Contact us here or call +256 414 23 11 36 or ceo[at]summitcl.com
Fee: To be sent via email. Contact us for a demo today, via Skype: mmugisa or email or phone as above.

Implementation approach: We work with your IT team especially DB admin to configure the system. Implementation lasts over 2-6 weeks, depending on your team expertise and readiness to change. We spend a lot of time usually in staff training, change management and understanding of your needs.

Security: We are an ICT security and forensics firm. Security is our forte. Our tool is secure, but as you know, we are always welcome to any one of your experts to prove us wrong. We keep improving to keep ahead of the bad guys. So, no worries.

Our work is professional and confidential.

User of software & application

  1. AML Monitor is ideal for financial institutions or telecoms that have reporting obligations to central banks or other regulatory bodies. The software extracts all data from core banking application in a secure way, analyses it and produces the required reports in the format specified by the regulator.
  2. AML Monitor is also useful to the regulatory bodies that receive several reports from financial institutions. The challenge with regulatory bodies is receiving a lot of data from many financial institutions for which they have no capacity to analyse and explore relationships. The AML Monitor provides an interface for all financial institutions to submit their data, and gives the regulator capabilties to examine the data to establish the neccessary details.
  3. Banks and insurance companies could also find the software useful for market intelligence and making use of customer data and transaction history. This is a powerful tool that can give you leverage over big data.

To become our partner, send an email to director[at]summitcl.com. Increase your income with our industry tested solutions.

Copyright 2015 Summit Consulting Ltd| All rights reserved.

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