Europeâs most recent Anti-Money Laundering legislation came into force in December 2007, requiring institutions to take steps such as nominating an Anti-Money Laundering officer, refusing to trade with individuals or institutions on public sanctions lists and increasing checks on identity transactions above a specified threshold. In addition, KYC requirements are ârisk-basedâ meaning that banks and currency exchange facilities must put in place rules specific to their business which can be audited externally. IMXâs Anti-Money Laundering solution provides an efficient reporting and alerting system which enables banks and exchange facilities to meet their Anti-Money Laundering requirements quickly and easily, without impacting the customer experience or increasing operator stress levels at the point-of-sale.
IMXâs Anti-Money Laundering solution assists with real-time fraud detection at point-of-sale and flags and reports suspicious transactions in the format required for national compliance regulations. Quick to deploy, the Anti-Money Laundering solution is a turnkey solution which can detect and report suspicious customer and/or teller behaviour and is fully compliant with Suspicious Activity Reports (SARs) and Currency Transaction Reporting (CTS) regulations in a range of jurisdictions. In addition, the Anti-Money Laundering solution can be fully customised for individual businesses to implement in-house KYC and anti-fraud rules.
Tim Shaw, Product Manager at IMX said, âAnti-Money Laundering legislation can prove to be a minefield with institutions required to comply with specific regulatory rules in their jurisdiction as well as determine what constitutes compliance for their particular business. IMXâs focus has been to develop an Anti-Money Laundering solution that simplifies the compliance process for our customers whilst still providing a robust system which fully adheres to anti-money laundering regulations. Our Anti-Money Laundering solution simply gives our customers the tools to make themselves compliant, thereby protecting their business and avoiding the potential penalties of being found to be non-compliant by national regulators.â
IMXâs Anti-Money Laundering solution performs four processes; detection, active management, reporting and timely intelligence. At the detection stage, it monitors transactions at point of sale for suspicious activity, matches against major watch-lists and records against historical transactions in real-time. If suspicious activity is detected, the Anti-Money Laundering solution actively manages data and creates suspicious activity reports (SARs) in a format which are acceptable to the regulator. Its timely intelligence capability also enables enterprises to develop predictive models that match trading data against patterns of suspicious behaviour in real time and automatically alert Anti-Money Laundering officers.