Name: ArmorAML
Author: Spot

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ArmorAML, developed by Spot IT Solutions, is a solution designed to assist compliance officers and professionals in meeting their anti-money laundering (AML) obligations. According to the vendor, this software equips organizations of various sizes across industries with tools for risk assessment, customer due diligence, transaction monitoring, reporting, and more. Compliance officers, risk managers, financial institutions, gaming and gambling industry, as well as cryptocurrency exchanges, can potentially benefit from the features and functionalities offered by ArmorAML to prevent and detect money laundering activities effectively.

## Key Features

**Risk Assessment**: According to the vendor, ArmorAML allows users to conduct comprehensive risk assessments to identify and evaluate potential money laundering risks faced by the organization. Users can assess the inherent risk associated with different customers, products, services, and geographic locations. The vendor claims that the software enables users to determine the effectiveness of existing controls and develop strategies to mitigate identified risks.

**Customer Due Diligence**: The vendor states that ArmorAML facilitates enhanced due diligence on high-risk customers to ensure compliance with AML regulations. Users can collect and verify customer information, including identification documents, beneficial ownership details, and source of funds. The software also allows users to monitor and update customer profiles to identify any changes in risk or suspicious activities.

**Transaction Monitoring**: According to the vendor, ArmorAML enables real-time monitoring of customer transactions to detect unusual or suspicious patterns. Users can set up customizable rules and thresholds to trigger alerts for potentially suspicious activities. The software also allows for ongoing monitoring to identify any changes in customer behavior or transaction patterns.

**Reporting and Compliance**: The vendor claims that ArmorAML provides the ability to generate regulatory reports, including suspicious activity reports (SARs), to comply with AML regulations. The software allows users to maintain an audit trail of all activities and transactions for compliance purposes. Additionally, users can provide documentation and evidence to regulatory authorities during audits and investigations.

**Watchlist Screening**: According to the vendor, ArmorAML offers watchlist screening functionality to identify any matches against global watchlists and sanctions lists. Users can automate the screening process to ensure timely identification of high-risk individuals or entities. The software also allows users to flag and escalate any matches for further investigation and potential reporting.

**Data Analytics and Insights**: The vendor states that ArmorAML utilizes advanced data analytics techniques to identify trends, patterns, and anomalies in customer behavior and transaction data. Users can gain valuable insights into potential risks and vulnerabilities within the organization. According to the vendor, the software allows users to use data-driven insights to enhance risk management strategies and improve compliance efforts.

**Workflow and Case Management**: According to the vendor, ArmorAML offers features to streamline compliance processes and workflows. Users can manage and track suspicious activity cases from initiation to resolution. The software enables users to assign tasks, set deadlines, and collaborate with team members to ensure timely and effective case management.

**Integration and Scalability**: The vendor claims that ArmorAML seamlessly integrates with existing systems, such as core banking systems and customer relationship management (CRM) platforms. The software is designed to scale and meet the growing needs of the organization, whether it is expanding operations or increasing the customer base.

**Training and Support**: According to the vendor, ArmorAML provides comprehensive training and support to compliance officers and staff members on the use of the solution. Users can receive ongoing assistance and guidance to ensure optimal utilization of the system. The vendor also states that they stay up-to-date with regulatory changes and provide timely updates and enhancements to the solution.

Plaid in San Francisco offers a suite of applications supporting banks with risk management and customer account management features. Plaid is used by digital financial apps and services like Betterment, Expensify, Microsoft and Venmo, and by banks to make it easier for consumers to connect their financial accounts with the apps and services they want to use. Plaid connects with over 11,000 financial institutions across the U.S, Canada and Europe.

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Plaid

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ArmorAML

Anti-Money Laundering (AML)

Spot

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Anti-Money Laundering (AML) Software

ArmorAML

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What is ArmorAML?