Anti-Money Laudering Solution
Anti-Money Laundering (AML) Compliance
Compliance Programs and Intra-national Regulatory Requirements such as The Proceeds of Crime Act (POCA), The Bank Secrecy Act (BSA), Basel II, Sarbanes Oxley (SOX) and the USA Patriot Act dictate that financial institutions and their subsidiaries are required by law to integrate anti-money laundering measures into their operations.
Anti-Money Laundering (AML) Compliance
Compliance Programs and Intra-national Regulatory Requirements such as The Proceeds of Crime Act (POCA), The Bank Secrecy Act (BSA), Basel II, Sarbanes Oxley (SOX) and the USA Patriot Act dictate that financial institutions and their subsidiaries are required by law to integrate anti-money laundering measures into their operations.
The term 'money laundering’ refers to all procedures, methods, and transactions designed to change the identity of illegally obtained money so that it appears to have originated from a legitimate source. It is recognized that cash lends anonymity and is therefore the normal medium of exchange for many forms of criminal activities, in particular, drug and arms trafficking as well as criminal activities involving fraud, dishonesty and corruption.
The extent and corresponding impact of these criminal activities globally have required countries to make concerted efforts to defend their institutions, financial systems, economies and citizens by criminalizing the proceeds of these illegal activities.
SymSure AML Solution
The focus of SymSure™ AML is to assist institutions meet compliance requirements in an effective and efficient manner by automating regulatory reporting and monitoring financial transactions and customer information. Compliance requires much more than reporting; active monitoring of transactions and proper alerting mechanisms are critical.
The ability to assign responsibility for anomalies detected and maintain accurate records of all actions taken is key in allowing institutions to take all reasonable steps and exercise the necessary due diligence to avoid committing an offence. SymSure provides the following to ensure an efficient and sustainable compliance process:
- Comprehensive transaction monitoring.
- Examination of customer data to ensure KYC compliance.
- Workflow management to facilitate analysis and investigations.
- Distribution of compliance work throughout the organization.
- Automated reporting directly into existing regulators.
- Management of compliance across entities.
- Ability to create and modify existing reports.
- Facility to maintain evidence of due diligence.
- Independence from core systems.