Challenges
Anti-money Laundering is a key Compliance that Banks must comply with domestic and international regulations. The Bank requires a comprehensive end-to-end AMLO Reporting system for Bank BU’s and subsidiaries.
Our Solution
Stream implements the AMLO Reporting system for the Bank from 2021. The system reports eligible transactions to the Anti-Money Laundering Office (AMLO). Stream has built a comprehensive AML Reporting system per AMLO regulations using Open Tech Stack.
Stream AMLO Report System
Stream AMLO Report system is a Web Application for financial institutions to manage data that must be reported to the Anti-Money Laundering Office (AMLO). There are 4 types of reports that are managed:
- AMLO 1-01 (report of transactions using cash)
- AMLO 1-02 (Report on transactions related to property)
- AMLO 1-03 (Report of transactions with reasonable grounds for suspicion)
- AMLO. 1-05-9 (Report on transactions related to money transfers or electronic payments)
Key Features of the system:
- Recording, editing, confirming facts, searching for reports of type 1-01, 1-02, 1-03, 1-05-9
- Import data from various Sources/Applications according to specified formats such as Fixed Length, XML, etc.
- Connect to the bank’s system to retrieve customer information and accounts.
- Export data to CSV, EXCEL format
- Export data in XML File format as specified by AMLO.
- Operation Report such as daily/monthly data summary, newly recorded data, data that has not yet been verified, separated by report type.
- Audit Log to track user usage.
- User & Role Management.
- System Configuration for customizing the operation of the system.
Key Achievements
The Stream AMLO Report system implemented by Stream offers an end-to-end process and enables the Bank to meet the criteria to the Anti-Money Laundering Office (AMLO).
The frequency of submission supported by the system is based on the specified rules, such as AMLO reports 1-01, 1 -02 and 1-05-9 must collect data 15 days at a time, that is, data from the 1st to the 15th of each month must be submitted by the 22nd of that month. Data from the 16th to the end of the month must be submitted by the 7th of next month.
