Anti-Money Laundering

Anti-money laundering measures must be efficient and reliable and must be integrated in the information structure and processes of the company. Many financial institutions opt for a risk-oriented approach in the classification of transactions, and the control of clarifications through an automatic workflow.

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Legislators, banks, and other financial services providers have done much to combat money laundering more efficiently.  Not only have the laws been tightened in recent years, but bank supervisory bodies have increased the pressure as well.  Financial services providers have steadily improved their efforts to prevent money laundering, including identifying conspicuous money streams or persons as defined in anti-money laundering legislation.  

With its MLDS finance solution, Innovations Software Technology has implemented the risk-oriented approach required repeatedly by legislation.  A comprehensive anti-money laundering program demands multiple, coordinated processes.  These are the components of the Money Laundering Detection System MLDS: 

Know Your Customer

A company must know a customer’s financial background and the potential risks it might conceal. Establishing a Know Your Customer profile not only allows for an improved analysis of those risks; such a profile can also help uncover potential for new profit streams. ...more

Know Your Transaction: Risk-oriented Analysis of Transactions

Daily research immediately identifies unusual transactions and patterns of behavior, transactions with countries under embargo or high-risk counterparties, all of which trigger clarifications. ...more

Know Your Process: The Clarification Process

By applying intelligent clarification formulas, the user is guided step-by-step through the clarification process.  This guaranties that input data are complete. Workflow can be adapted to the relevant business model. ...more

Risk Classification: Concentrate Analysis Where the Risks Are

The classification of customers by risk means that resources for analysis and clarification are concentrated where the risks are most likely to be found.  The means and methods to achieve this goal include forming risk classes based on a variety of criteria, such as nationality, domicile, industry, legal form, or transaction behavior. ...more

Statutes and regulations that have been passed by the various countries of Europe serve as the legal foundations to prevent money laundering and the financing of terrorism.