TECHNOLOGY FOR ANTI MONEY LAUNDERING

TECHNOLOGY FOR ANTI MONEY LAUNDERING Money laundering is one of the biggest concerns of the financial industry across the world. Lack of standard practices and inadequacy of data has led to systemic weakness that allow money laundering activities to slip through. To combat money laundering, enterprises are deploying solutions that can help them move away from event based detection to one that recognizes patterns. It is end - to - end anti money laundering solution that enables banks and financial institutions to achieve regulatory compiance,mitigate risks, safegaurd reputation and retain customer loyalty. It helps enterprises comply with AML regulations,both locally and globally in a cost - effective manner. It is highly configurable and flexible with advanced detection techniques to track and sift out fraudulent transactions. The entire industry has developed around providing software to analyse transactions in an attempt to identify transactions or patterns of transactions, called structuring. which requires a suspicious Activity Reports(SAR) filing, or other patterns that qualify for SAR reporting. Financial institutions face penalities for failing to properly file Cash Transaction Reports(CTR) and SAR reports, including heavy fines and regulatory restrictions. These software applications effectively monitor bank customer transactions on a daily basis and using customer historical information and accept profile, provide a " whole picture" to the bank management. Transaction management can include cash deposits, withdrawls and wire transfers. In the bank circles, these applications are known as "AML SOFTWARE". For institutions with millions of customers and thousands of cusomer - contact employees, traditional ways of knowing their customers must be supplemented by technology. Thus this paper aims to (i) Avoid dependency on people (ii) Volume of transactions (iii) Structure of transactions (iv) Multiple mode of transactions (v) Ease of data analysis.