Anti-money laundering software is used by companies to detect suspicious activities by persons or organizations who are trying to generate income through illegal actions. This software is used by compliance professionals to comply with regulations such as the Bank Secrecy Act and with corporate policies regarding financial fraud. Accountants and managers from all departments can also benefit from using this type of software when evaluating new customers and suppliers. Additionally, anti-money laundering software is used by banks and financial institutions to detect suspicious and fraudulent activities that may impact their profitability and damage their reputation.
By using this type of software, companies can avoid doing business with corrupt individuals or organizations that are suspicious of financial fraud, terrorist financing, or securities market manipulation.
Anti-money laundering software uses information from multiple solutions that are used to manage financial transactions, such as ERP systems and accounting software. For large companies with high volumes of financial transactions, integration with corporate performance management software can also be beneficial.
To qualify for inclusion in the Anti-Money Laundering category, a product must:
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Recognize risks and protect your company. AMLcheck gives you the power to shield your company from money laundering and terrorist financing activities. Our software is an advanced technological solution that enforces the legal requirements by identifying people or assets in the on-boarding process, scoring the clients profile from the database, based on the available information, and making post-execution analysis of the transactions by defining control scenarios to detect suspicious behavior. AMLcheck is trusted by several companies obligated to enforce regulatory requirements. We help them comply with AML regulation around the world. Regulated industries include credit entities, insurance companies, promoters and real estate agencies, brokering companies and stockbrokers, exchange offices, jewelers and gambling casinos.
The ARGO Fraud and Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Suite offers analytics-driven fraud solutions to effectively reduce financial losses, operating expenses, and reputational risk by protecting financial institutions and their customers from fraudulent activity.
Efficiently detect, investigate, and report suspected money laundering and terrorist financing activity to comply with future regulations and guidelines.
Rapidly increasing risk – combined with evolving government regulations – requires an advanced strategy when it comes to monitoring data for illicit activity. SAS helps you take a risk-based approach, making it easier to manage alerts, test scenarios and comply with industry regulations.