THE NEED FOR KYC/AML:

For any business, achieving a balance between customer on-boarding strategy, risk assessment, and regulatory compliance requirements is difficult and time consuming without the proper analysis and right identify verification technology. In this digital age, an Anti-Money Laundering software (AML software) is used in the finance and legal industries to meet the legal requirements for financial institutions and other regulated entities to prevent or report money laundering activities.

Money laundering is the process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. Often linked in legislation and regulation, terrorism financing and money laundering are conceptual opposites. Money laundering is also the process where cash raised from criminal activities is made to look legitimate for re-integration into the financial system, whereas terrorism financing cares little about the source of the funds, but it is what the funds are to be used for that defines its scope.

Money laundering involves three steps: The first is “placement” and involves introducing cash into the financial system by some means. The second is known as “layering” and involves carrying out complex financial transactions to camouflage the illegal source of the cash. Finally, “integration” is the acquiring of wealth generated from the transactions of the illicit funds.

The Financial Action Task Force put pressure on governments around the world to increase surveillance and monitoring of financial transactions and share this information between countries. Since 2002, governments around the world upgraded money laundering laws and surveillance and monitoring systems of financial transactions. Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulations have become a much larger burden for financial institutions and enforcement has stepped up significantly.


KYC AND AML SOLUTION:

Transaction monitoring is the centerpiece of a successful AML compliance program. However, we know that companies have to contend with high cost compliance operations, often due to outdated, brittle compliance systems that provide a drag on that potential success. We worked extensively with our customers to understand these issues, and are now able to assist in the provision of a new digital identity platform starting with Transaction Monitoring. It is designed to provide you with the industry’s most accurate and efficient AML compliance results. It features a new user-centric, risk based approach that is favored by regulators. Its dynamic modeling, transparent access framework, and contextual identity analysis will help you supercharge your compliance efforts.

Here at tokenup Technology we utilize robust, integrated technology that streamline the entire due diligence process by providing a variety of searches that deliver thorough insight about parties dealing with your organization

We are here to help with four basic types of software that address and significantly save the hassle of AML/CFT measures:

  1. Identity Verification and Management (KYC/AML)
  2. Compliance Management (Sanction Screening/Monitoring)
  3. Transaction Monitoring (Transaction Fraud/Digital Wallet Monitoring)
  4. Suspicious Transaction Reporting(STR)

 

Read More » AML/CFT