February 8, 2023

The Benefits of Combatting Money Laundering with Consortix

Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations are becoming increasingly complex, making it challenging for financial institutions to meet their obligations. Financial criminals are constantly finding new ways to launder money, and the increasing pressure from global and local regulators, new digital products, and expanding volumes of data and workload adds to the difficulty of the task.

The Benefits of Combatting Money Laundering with Consortix

With its powerful AML solutions, Consortix offers a combination of industry-leading technology and one of the largest AML system knowledge hubs in Europe.

Each solution can be combined with end-to-end support services and help organizations meet their AML/CTF obligations. The toolkits cover various aspects of AML, including Transaction Monitoring, Customer Screening, Customer Due Diligence, Regulatory Reporting, and KYC Onboarding.

Transaction Monitoring

The Transaction Monitoring solution enables FIs to have an effective system in place covering their business and regulatory transaction monitoring requirements – from data orchestration to fine-tuning. The powerful SAS platform and Consortix's expertise with its proprietary add-ons ensure that financial institutions can monitor transactions and detect any suspicious activity.

Customer Screening

The Customer Screening solution enables financial organizations to identify high-risk customers and prevent them from getting involved in any terrorism-financing or sanction-related activity.

Customer Due Diligence

With the CDD module, companies can collect customer data, perform dynamic risks, and assess the AML risk of the customer relationship. Integrated with Transaction Monitoring and Watchlist Management, the system can support the organization with a complete risk-based approach. This provides a better understanding of customers and helps prepare decisions about the risk level the FI is willing to accept.

Regulatory Reporting

The Regulatory Reporting solution enables reporting on huge volumes of transactions. Manual preparation of such reports on a regular basis would be a daunting task. These reports must confirm requirements both in terms of content and format that may change from time to time.

KYC Onboarding

The KYC module makes the onboarding process faster and more structured and streamlines the questions and workflow. It can also be integrated smoothly with the other modules of AML systems Consortix delivers to reduce the risk of any financial crime.

Industry-leading SAS technology

Consortix offers solutions based on industry-leading SAS software with powerful embedded analytics with the possibility to extend them with machine learning and Artificial Intelligence. The SAS platform is reliable and secure, ensuring that financial institutions can comply with all regulatory requirements and avoid any penalties.

As one of the leading providers of Anti-Money Laundering solutions in Europe, Consortix boasts an extensive pool of AML expertise and a comprehensive understanding of the industry. This wealth of knowledge positions the company as a hub for AML system expertise, offering end-to-end, professional support to clients throughout the implementation process and beyond.

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