What is Anti-Money Laundering?
Anti-money laundering (AML) regulations are essential for financial services institutions to prevent the financing of terrorism and organized crime. With the responsibility and accountability for catching perpetrators of money laundering, traditional rules-based detection is no longer sufficient. Firms need to invest in a substantial AML framework to catch criminals, meet compliance requirements, and avoid heavy penalties.
Precisely’s solution can help enterprises improve their compliance with anti-money laundering regulations.. Precisely’s solution
- Integrates data from diverse sources into one accessible platform for business analysts, allowing them to run compliance cycles while discovering new ways to respond to suspicious activity.
- Cleanses data at scale to eliminate errors, omissions and inconsistencies in the data.
- Resolves entities and identifies customers to more easily follow the digital paper trail left by perpetrators.
Precisely can help anti-money laundering requirements such as Know Your Customer (KYC), Customer Due Diligence (CDD), and reducing filing times for Suspicious Activity Reports (SARs).