Introduction
Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean." Money laundering can facilitate crimes such as drug trafficking and terrorism, and can adversely impact the global economy.
AML regulations require financial institutions to develop sophisticated customer due diligence plans to assess money laundering risks and detect suspicious transactions.
SimpleOfAC AML & Fraud Detection helps firm to achieve compliance – by significantly reducing false positives, boosting operational efficiency and quickly uncovering unknown threats while showing a holistic view of risk.
It has the following modules:
Query Builder
it allows users to define criteria on transactions will be monitored.
Profile Builder
it allows users to define criteria so that customer/account historical transaction summary will be gathered. Those information can be easily updated and retrieved.
Parameter (threshold) Builder
It allow users to manaage thresholds for different segments.
Rule Builder
It allows users to create rules to detect unusual behaviors or activities
Detection Model
A detection model include set of queries, profiles, parameters, rules to generate alerts for unusual behaviors or activities
Online test drive
Use admin as login and !Qazxsw2 as password
Glossary
Query, Profile Parameter(Threshold) Rule Detection Model.