Challenges
Anti-money Laundering is a key Compliance that Banks must comply against domestic and international regulations.
To strengthen Compliance, the Bank requires the Suspicious Activity Monitoring and Watchlist Filtering systems for multiple Bank BU’s and subsidiaries. The Bank seeks to accelerate transaction monitoring effectiveness with suspicious activity monitoring through an entity-centric approach.
Sanction Screening requirements are constantly changing, and financial crime programs must grapple with understanding these changes and addressing the latest threats. The bar for regulatory compliance continues to rise, bringing with it increased risk exposure and the potential for fines or reputational damage.
Our Solution
Stream implements a comprehensive AI-enabled Suspicious Activity Monitoring (SAM) and Watchlist Filtering (WLF) solution for the Bank since 2012. The solution can detect true suspicion and minimize false positives with a multidimensional approach to transaction monitoring. Bank has the capability to accelerate transaction monitoring effectiveness with SAM through an entity-centric approach.Â
For the project, Stream provides business consultancy and data analysis. We map data from bank’s source systems and Enterprise Data Warehouse (EDW) and then extract, transform and load the data into our SAM detection software using a powerful ETL tool. We then established the policy rules per global standards as well as per AMLO requirements. We enable the Bank to perform sanction screening and produce the required SAM analysis, risk case management and reports for internal compliance purposes and for AMLO reporting.
Suspicious Activity Monitoring features include:
- Detect true suspicion and minimize false positives with a multidimensional approach to transaction monitoring.
- Accelerate transaction monitoring effectiveness with SAM through an entity-centric approach.
- With a multilayered approach, detect more suspicious activity while reducing the noise—all with speed and precision.
WL-X Sanctions Screening Software:
- Organizations must address real-time requirements for party and payment screening against an increasing number of data sources, including sanctions and politically exposed persons (PEP) lists. It’s especially important to keep up with changing requirements and data sources when avoiding transactions with government-sanctioned countries, organizations, individuals, vessels, ports, and embargoed goods.
- High false positive rates across financial services are proof that when it comes to screening, legacy solutions and existing processes are neither efficient nor effective enough to keep up. According to a 2020 Celent report, screening process represents over 20 percent of global AML-KYC technology program spend. Are you making the most of your investment?
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Key Achievements
Stream implements a comprehensive AI-enabled Suspicious Activity Monitoring (SAM) and Watchlist Filtering (WLF) solution for the Bank since 2012. The Bank can now detect true suspicion and minimize false positives with a multidimensional approach to transaction monitoring through an entity-centric approach with powerful policy rules and risk case management.
