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ASEBA AML

Description

BUSINESS CHALLENGE

In modern society there is a big need of identifying and monitoring activities related to money laundering in terms of fraud, and sponsorship of terrorist organizations. In the past few years, global international organizations, governments and agencies for the prevention of money laundering to the individual countries have enhanced the pressure for monitoring the transactions according to certain parameters, and recognizing of those transactions which can be considered as transactions that are formed to legalize illegal funds. With the enhanced monitoring and the need for fast, accurate and timely reporting of such transactions, as well as their timely prevention, the need of introducing and actively using the software systems to prevent money laundering, or AML (Anti-Money Laundering) systems, is obvious. Flexible solution for your business needs

Functionality

FUNCTIONAL CHARACTERISTICS 

The solution is designed to operate independently of the existing Core Banking system, and does not depend on its structure. Integration with the existing Core Banking system is done through implementation of appropriate interfaces, and there is possibility for interoperability with any banking system.
AML System feature and functional characteristics are:
  • Integrated solution for Detection & Prevention of Money Laundering;
  • Effectively assisting banks to comply with AML regulations in different countries and international standards;
  • Monitoring of all customers, accounts and transactions data and delivering accurate, prioritized alerts directly to desktop application in real time;
  • Generating specific reports imposed by local regulatory authorities and reports based on defined suspicious activity criteria;
  • Robust analytics for Clients and Transactions;
  • Determining the Client and Transaction Risk Score;
  • Management of customer Peer Groups;
  • Analysis of relationships among different transactions;
  • Visual comparisons of risk profiles;
  • Sanction lists management (blacklists, white lists, PEP lists, internal sanction lists, etc.);
  • Document management system – archiving of exchanged files, possibility for their re-generation and the ability to search through their content;
  • Multi-language support.
RISK SCORING MODULE
Due to realization of the management with potential risks from money laundering and financing terrorism, it is necessary to establish a system for evaluation of the clients’ and transactions’ risk factor. The more the system for evaluation is correctly set, the sooner the risk factor will be identified in that extent, thus the measures for preventing money laundering will be duly undertaken. 
The module allows defining more scoring schemas for determining the risk factor. The determination of the risk factor is done based of these risk schemas, which use previously defined scoring rules (indicators) that have their own weight factors. Defining the schemas for determining the risk factor is flexible and it can be done without vendor’s assistance. While determining risk factor, client relations with other persons are taken into account, as well as common behavior of other members from the same customer peer group.
Other features:
  • Determination of risk factor based on more than 90 different rules and indicators;
  • Possibility for mass risk-rating of all clients;
  • Possibility for risk-rating of single client on demand;
  • Interactive view and comparison of results of performed scorings;
  • Ability to detect a broad range of money laundering scenarios;
  • Decreasing number of detected false-risk cases by tuning weight factor for each of the indicators;
  • Ability to perform testing and calibration of the schema by “Training Application”;
  • Ability to integrate with external systems through web service layer;
CUSTOMER LIST MANAGEMENT TOOL
The module offers the possibility for importing various lists of prohibited persons and companies, so-called blacklists, such as the EU, OFAC, UN, and others.  There is a possibility of classification of political exposed persons (PEP), and possibility to define internal sanction lists of entities with which the Bank is not willing to cooperate. Also it is allowed to create new blacklists or internal sanction lists without vendor’s assistance.
Customer cross-check against blacklists is performed using several Fuzzy-Logic methods.
ANALYSIS OF TRANSACTIONS RELATIONSHIPS
In order to detect any activity related to money laundering and terrorism financing, there is often necessary to analyze relationships of transactions based on various criteria.  
This module enables detailed analysis of transactions and examining their relationship with other transactions, and detecting different scenarios of illicit activities, as follows:
  • Transactions in smaller amounts, which total amount is substantial;
  • Cash flow of large amounts;
  • Transactions between entities which are unrelated in economic terms;
  • A frequent transactions whose payment basis is borrows or advanced payments.  
TICKETING SYSTEM
  • Built-in functionalities for opening, assigning and reviewing different types of tickets;
  • Assigning many and various actions that should be taken until ticket is not closed;
  • Possibility for creating new custom actions by system administrators;
  • Automatically creating tickets for entities which score is higher than the threshold set by the Bank;
  • Performing various type of analysis;
  • Attaching of related documents to the ticket;
  • Generating report with conclusion about the performed analysis;
  • Tracking case history;
  • Mail notifications for new ticket assignment and reminding for due date.
MODULAR SYSTEM STRUCTURE
  • DATA TRANSFER MODULE
  • CUSTOMER LIST MANAGEMENT TOOL
  • RISK SCORING MODULE
  • ANALYSIS OF TRANSACTIONS RELATIONSHIPS
  • SCENARIO MANAGEMENT
  • CUSTOM INDICATOR MODULE
  • PEER GROUPS
  • ON-LINE IDENTIFICATION & CONTROL
  • TICKETING SYSTEM
  • DOCUMENT MANAGEMENT
  • REPORT GENERATOR
ADVANTAGES
  • Enhanced risk monitoring of clients and the transactions that they made
  • Timely detection of suspicious behavior
  • On-line control of transactions
  • Minimized necessity of technical personnel for configuring AML system
  • Solution is easy expandable and can be easily integrated to external systems
FUZZY-LOGIC METHODS FOR CROSS-CHECK AGAINST BLACKLISTS
  • Levenshtein
  • Needleman Wunch
  • Jaro Winkler
  • Trigramm
  • SoundEx
  • Like
  • Metaphone
TECHNOLOGY FRAMEWORK
  • Windows Server family 2003/2008 OS
  • SQL Server 2005/2008
  • SQL Server Integration Services
  • Internet Information Services
  • .Net Framework 3.5 SP1

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The group Asseco SEE is the largest operator in South-Eastern Europe in terms of revenue derived from sales of its software and services. We offer competence, experience, knowledge and dedicated solutions.

We came into being as a result of the integration of competence, experience, knowledge, solutions and customer base of the nine major IT companies companies, operating in the region of Southeastern Europe.

Banking software product portfolio of Asseco South Eastern Europe covers following product lines: Core Banking Systems, Payment Systems, Channel Systems, Business Intelligence Systems.

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