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KYC and AML/Compliancy

Money laundering.jpeg

KYC and AML/Compliancy

‘Relavance AML/Compliance’ is an Augmented Intelligence-enabled application that uses comprehensive Associative Database techniques to reduce false-positive alerts while increasing true Suspicious Activity Report (SAR) identification. 

The Anti-Money Laundering Compliance Analyst is responsible for performing CIP, KYC, and AML compliance functions. 
Such functions include efficient gathering and reviewing of new client information, as well as monitoring financial transactions for existing clients to identify suspicious activities. 

Many finance companies need sophisticated financial and other monitoring systems to enable law enforcement agencies to detect suspicious transactions or activities and need to set up international cooperative arrangements to assist 
each other in these endeavors.

The United Nations Office on Drugs and Crime (UNODC) estimates that the amount of money laundered globally in one year is "2–5% of global GDP, or $800bn – $2tn in current US dollars.  

Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions.
The overall scheme of this process returns the "clean" money to the launderer in an obscure and indirect way.

Banks are facing million-dollar fines for breaches of anti-money laundering and counterterrorism financing laws in failing to report millions of international money transfers.
Large financial institutions need to support departments in fulfilling their task to combat money laundering, terrorist financing, and corruption.

With ‘Relavance AML/Compliance’ we deliver a range of key essentials for supporting these companies: 

  • Automated collection of all sorts of data 

  • Automatically association of datastreams 

  • Pre-defined pattern recognition and self-learning functions 

  • Over 50 pre-defined watchlists 

  • Simply but powerful data discovery and reporting 

As an Anti-Money Laundering Compliance Analyst, you can perform the following tasks with our Relavance application: 

  • Investigate and assess alerts relating to potential money laundering risks in the organization

  • Ensure efficient identification and monitoring of activities and transactions  considered suspicious 

  • Ensure timely and efficient reporting of transactions considered suspicious 

  • Daily assessment of SWIFT and AML reports relating to potentially suspicious activity 

  • Stay current with money laundering and terrorist financing behaviors, issues, policies, regulations, criminal typologies, industry best practices and 
    developing trends 

  • Help in identifying potential weaknesses in processes 

  • Act as a subject matter expert to employees, providing guidance on what actions to take in dealing with high-risk accounts 

  • Assist with addressing queries from corresponding banks relating to money
    laundering matters 

  • Provide advice to management on issues relating to  correspondent banking 

  • Conduct proper investigation of money laundering alerts or transactions 
    considered suspicious 

  • Help with AML compliance training on how to identify and report  suspicious transactions 

  • Handle development training for new employees 

  • Collect documentary proof and build and maintain case files for transactions deemed suspicious 

  • Arrange weekly, bi-weekly, monthly, quarterly, and annual reports 

  • Ensure proper record-keeping of data collected and analyzed

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