The Bank Secrecy Act makes it mandatory for financial institutions to monitor transactions to detect suspicious activity and screen customers against various watch-lists. The client was using Actimize application to monitor transactional/non-transactional data to detect any suspicious activity and Fircosoft application to screen customers against various watch-lists.
The client's centralized Anti Money Laundering (AML) infrastructure had to be aligned to meet the specific local needs across diverse geographies. This meant launching a transaction and customer-monitoring platform that met the standards and best practices set by its global AML center of excellence. This translated into below listed key objectives:
- Customizing Actimize application to identify and manage suspicious activities
- Creating and implementing new set of rules for monitoring sources of bank transactions
- Enhancing Fircosoft to screen customers against various watch list
- Provide a reporting environment for cash processing across multiple locations