Meeting Anti-Money Laundering and Counter-Terrorist Financing related obligations is more challenging than ever before.
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.
Using the SAS powerful platform and adding our expertise with its proprietary add-ons, Consortix AML Accelerator business configuration enables our clients to have an effective system in place covering their business and regulatory transaction monitoring requirements – from data orchestration to fine-tuning.
Using the SAS powerful platform and adding our expertise with its proprietary add-ons, Consortix AML Accelerator business configuration enables our clients to have an effective Customer Screening system in place covering their business and regulatory requirements.
Collect customer data, perform dynamic risks and assess the AML risk of the customer relationship. Integrate with transaction monitoring and watchlist management for a complete risk-based approach.
Financial Institutions need to report on huge volumes of transactions. Manual preparation of such reports on a regular basis would be a daunting task. These reports must confirm to requirements both in terms of content and format that may change from time to time.
Make onboarding decisions, monitor onboarding process and streamline your questions and workflow with the KYC Onboarding application offered by Consortix that can be integrated smoothly with the other modules of the Consortix AML Accelerator solution.
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Loans either secured or unsecured are considered as a high-risk product in terms of credit and fraud risk perspective. Fraud against an issued loan means a direct financial loss to the Financial Institute but there are additional costs and reputational risk that must be considered as well.
There are many bad actors (policy holders) who try to take advantage and fraudulently post claims. These fraudulent activities can hurt the profitability of that certain product and can raise the cost, ultimately leading to an increase in the insurance premium. Therefore, insurance companies should be able to protect themselves against these unwanted activities.
The number of payment transactions has been steadily rising. Customers trust their money with the Financial Institutions and a major fraud case affecting a large number of customers or receiving widespread publicity could seriously hurt this fragile relationship.
