autorek

Klear™ gives clients a single client management tool that enables rapid verification of identity and linkages to other client records. With supporting transactional analysis capability, it allows organisations to monitor suspicious clients and activities to conform with anti-money laundering regulations and other legal requirements.

Anti-money laundering regulation 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 receiving cash from unknown or disguised sources and processing this quickly through a series of transactions to produce a payment to another party or beneficiary before all the necessary checks have been preformed.

What is required is an intelligent, learning software solution which can process thousands of records from multiple sources in an instant highlighting any suspicious activity through parameterised breaches or linked transactions or persons and escalating these to, and only to, the responsible compliance officer (usually a designated Anti-Money Laundering Officer).

AutoRek is an industry leading transaction matching engine which can monitor all the transaction and account activity across all systems in an enterprise. By constantly scanning datasets for unusual linkages or by matching client records (in whole or in part) to lists of suspicious persons (internal or external lists) AutoRek can reduce the effort in, and effectiveness of compliance.

Thus AutoRek addresses AML business requirements which are typically described as:

• Currency Transaction Reporting (CTR) i.e. large cash transaction reporting requirements (e.g. $10,000 and over in the U.S.)

• Customer identity management which checks various negative lists (such as OFAC) and represent an initial and ongoing part of know your customer (KYC) requirements

• Transaction monitoring which focus on identification of suspicious patterns of transactions which may result in the filing of Suspicious Activity Reports (SARs). Identification of suspicious (as opposed to normal) transactions is part of the KYC requirements

Find Out More

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

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