ABOUTAnti-Money Laundering
AMLO and Its Role:
AMLO, the Anti-Money Laundering Office, is a pivotal government agency responsible for setting rules and ensuring compliance with laws related to preventing and suppressing money laundering. It serves as the Regulator and investigates financial information concerning money laundering, acting as the secretariat of the Anti-Money Laundering Committee and enforcing laws on preventing and suppressing money laundering.
Our Solution
FIs need adaptable and connected technology to proactively combat financial crime. Since 2012, Stream has partnered with Nice Actimize to provide entity-centric AML solutions infused with AI and machine learning. These solutions optimize efficacy, accuracy, compliance, and auditability across Anti-money laundering processes.
Key Components of Our Solutions
Suspicious Activity Monitoring (SAM)
SAM employs a multidimensional approach to transaction monitoring, minimizing false positives and accelerating effectiveness through an entity-centric perspective, enhancing understanding of customer risk and detecting suspicious activities with speed and precision.
Customer Due Diligence (CDD-X)
CDD-X enables effective Customer Due Diligence by assessing customer risk accurately from Day One and continuously monitoring risk changes throughout the customer lifecycle, ensuring compliance and confidence in understanding customer risks.
Sanction Screening (WL-X)
WL-X Sanctions Screening Software ensures precise risk screening against changing regulatory requirements, data sources, and screening obligations. It addresses real-time screening needs against sanctions, politically exposed persons (PEP) lists, and other data sources, enhancing compliance and risk management.
Stream AMLO Reporting System:
Our comprehensive AML Reporting System, built per AMLO regulations, facilitates reporting of eligible transactions to AMLO. It includes features for recording, editing, confirming facts, importing data from various sources, connecting to bank systems, exporting data in specified formats, generating operation reports, maintaining audit logs, and managing users and roles.
Who Benefits from the AMLO Report System:
The AMLO Report System is vital for all financial institutions under regulatory obligations to report transactions meeting specified criteria to AMLO. It ensures compliance with submission timelines and formats, providing essential functionalities for data management, retrieval, export, and system configuration.
In conclusion, our adaptable and connected AML solutions, in collaboration with Nice Actimize, empower FIs to stay ahead of financial crime by leveraging advanced technology, AI, and machine learning to strengthen customer understanding, risk management, compliance, and reporting capabilities.
