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Anti money laundering compliance is a complex challenge for all businesses but especially those in the finance sector and professions. The penalties for non compliance are severe and the reputational damage from a public censure is long-lasting. Global businesses with complex, multi-product and multi-customer systems are particularly vulnerable to suspicious transactions, receiving cash from unknown or disguised sources. 

Most jurisdictions now, and many for a number of years, have reputations which stipulate that all prospective and existing clients are risk assessed for money laundering and terrorist financing activities at the start of the relationship. Businesses are then required to keep the assessment under review.  All organisations must put in place certain controls to prevent it from being used for money laundering. These include:   

• Assessing the risk of your business being used by criminals to launder money
• Checking the identity of your customers
• Checking the identity of 'beneficial owners' of corporate bodies and partnerships
• Monitoring your customers' business activities and reporting anything suspicious
• Making sure you have the necessary management control systems in place
• Keeping all documents that relate to financial transactions, the identity of your customers, risk assessment and management procedures and processes

Why AutoRek?

AutoRek is an industry leading transaction matching engine which can monitor all the transaction and account activity across all systems in an enterprise. Our anti money laundering software - Klear™ - is a customer verification and identity checking tool which is integrated into an industry leading matching engine which can monitor all the transaction, customer and account activity across all systems in an enterprise. By constantly scanning datasets for unusual linkages (suspicious transactions) or by matching client records (in whole or in part) to lists of suspicious persons (internal or external lists) Klear™ can reduce the effort in, and effectiveness of compliance. 

Find Out More

To find out more please Contact Us with your enquiry. Alternatively, visit our Resource Centre to download the following related whitepapers:  

• Anti Money Laundering: Transaction Monitoring System - Asset Management
• Suspicious Activity Monitoring: Klear from AutoRek