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Money Laundering (ML) is an unlawful act, where financial criminals try disguising illegally obtained funds as legitimate ones. On the other hand, Terrorism Financing is a process by which terrorists fund their operations to perform terrorist acts.
Various actors of the economy’s ecosystem must follow very thorough regulations of Anti-Money Laundering/ Counter Terrorism Financing (AML/CTF) regimes.
Fraud comes in many shapes and sizesand therefore it could have many different definitions.
What is a general statement about fraudis that it can hurt an organization in many ways.
It could havedirect financial impact, resulting in a financial loss due to thefraud itself or even damage to reputation that could ultimately meandirect loss in capital value for any business entities issuing stocksor bonds. It can also harm the corporate culture and employee moralsin a serious way.
Book a quick call with one of our financial crime experts.
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The goal of the coverage assessment exercise delivered by Consortix is to evaluate the AML/CTF risks associated with the FI’s customers, products, services and geographies, and to understand how the FI's transaction-monitoring model aligns with those risks.
A Financial Crime technology solution is essential for protecting your institution.Implementing a new Financial Crime System is challenging. It is a complex project that can take a lot of time and resources.
Do you invest enough time in taking care of your system?
Like any complex IT system, a financial crime detection system needs continuous and proactive investment from both business and IT.
The Consortix AML Accelerator Cloud provides you the SAS market-leading AML solution with built-in best-practice-based accelerator know-how as a managed service from a secure cloud environment.
Artificial Intelligence (AI)-based segmentation and threshold optimization solutions help you identify subgroups of customers that have different risk of engaging in money-laundering activities and set optimal threshold values to decrease your false positive rate.
Curious to hear from those for whom we have already successfully implemented solutions?
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„Even a robust system can be implemented with an experienced team within an extremely short time. We could implement the system within 2 months...”
„This is one of the fastest implementations that I have ever done. We estimated that it takes about 8-9 months, and we finished in 6...”
Our consultants have worked on successful AML projects at several institutions wordwide in more than 20 countries.
