AML-TRACE

AML-TRACE is an AI-backed anti-money laundering (AML) software designed to assist businesses and financial institutions in preventing financial crimes and counter-terrorism financing (CFT) activities. According to the vendor, AML-TRACE provides real-time insight into financial crime and helps organizations assess the risk associated with their business relationships. It is suitable for businesses of all sizes and is utilized by banks, audit firms, brokerage firms, exchange houses, and dealers in precious metals and stones to ensure compliance with AML regulations and mitigate the risk of money laundering and terrorist financing.

Key Features

Accurate Risk Assessment: AML-TRACE utilizes a risk-based approach and advanced detection methodologies to investigate and report suspected instances of money laundering and terrorist financing. It assists in assigning risk scores to clients and conducting cost-effective investigations.

AML Compliance Audit: AML-TRACE offers automated, comprehensive, and consistent surveillance of accounts, customers, correspondents, and third parties across all business domains. This feature aids auditors in gaining a holistic view of transactions and client activities for AML compliance audits.

Fraud Detection: AML-TRACE provides a unified compliance platform that identifies potential criminals throughout the customer lifecycle, enabling timely action to prevent money laundering and terrorist financing.

Efficient Deployment: AML-TRACE can be quickly deployed without the need for re-engineering. Organizations can configure risk parameters to suit their business needs and identify single and complex fraud events through correlation across various business parameters.

Suitable for All Business Sizes: AML-TRACE generates real-time Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs). It evaluates and assesses customer data to make prompt decisions regarding transactions, helping organizations of all sizes comply with AML regulations and minimize losses.

Future-Proof Compliance: AML-TRACE is equipped with robust fraud prevention capabilities and provides end-to-end compliance solutions. It records client data, analyzes information to assess the risk of non-compliance, and notifies stakeholders to undertake compliance initiatives.

Customer Screening and Monitoring: AML-TRACE seamlessly integrates into existing client KYC processes, offering an AI-backed AML solution. It enables efficient searching and screening of a customized list of users with advanced capabilities, including unlimited checks and re-runs against the AML customer screening software database.

Transaction Screening & Monitoring: AML-TRACE automates the control process by integrating AML Sanctions Screening and monitoring transactions in real-time. It helps identify the receiver and sender in AML data during money transfers, ensuring compliance.

Risk-Based Scoring and Assessment: AML-TRACE adopts a risk-based approach to identify, assess, and minimize money laundering or terrorist financing risk. It offers customer category-based risk models, allowing for the configuration of risk parameters specific to different customer types.

Tracking and Reporting: AML-TRACE ensures effective tracking and reporting of AML activities through its dashboard. It facilitates the gathering of required data, standardized risk reporting, and due diligence processes in line with regulations.