Financial Crimes, specifically Money Laundering & Fraud are growing multi fold with increasing complexity and volume. Impact of this is humongous across various dimensions - cost, reputational risk, regulatory risk & penalty. Organizations are investing in modernizing their Financial Crime systems leveraging broad spectrum of technologies - Artificial Intelligence, Machine Learning, Advanced Analytics & Big Data. There is growing need to have a holistic view of Enterprise-wide Risk and Compliance and navigate the evolving challenges.
Anti-Money Laundering (AML) is a particularly challenging area of regulation for banks – even more so for large, geographically diverse institutions. Failure to have adequate processes can result in massive regulatory fines. The inadvertent use of the banking system for money laundering activities is a key challenge facing the financial services industry. In response, regulatory authorities have introduced anti-money laundering (AML) regulations to detect and prevent such activities. Complying with these regulations requires banks and financial institutions to implement an effective compliance system, along with appropriate tools and systems. This, in turn, requires companies to build an effective business case for the right compliance system equipped with requisite capabilities and latest technology tools.
IDBI Intech offers an efficient, scalable, real time, platform agnostic Anti Money Laundering solution across the lifecycle of customer - Know your customer, Customer Due Diligence, Transaction monitoring, Credit Monitoring, Fraud Risk Management & Payments Reconciliation.
The differentiators of the solution are Enterprise Wide Single View of Risk & Compliance, Harnessing Advanced Analytics, Workflow, AI & ML, Leveraging Open Source & Cloud, Integrated Solutions across Customer Lifecycle, Comprehensive set of pre-built rules, scenarios from an industry proven financial crime library.
i-AML Application Framework:
Some clients are: