Velocity-Anti Money Laundering [AML] Solutions Suite - Key Features

Transcription

1 Velocity-Anti Money Laundering [AML] Solutions Suite - Key Features Velocity-AML Solutions Suite helps you comply with anti-money laundering (AML), Bank Secrecy Act (BSA), and counter terrorist financing (CTF) regulations. The solution uses multiple detection methods and advanced analytics engine for screening, risk rating, transactions monitoring in very large data volumes quickly and efficiently. Velocity enables financial institutions to automatically screen customers for possible money laundering or terrorist financing behavior, document the decisions with audit trails and if applicable creates pre-generated regulatory reports for filing with the authorities. High level feature list of the application are: Sanction List/ Watch List Screening Module- The system is capable of communicating with UNSCR/OFAC/UK (HMT) lists through web service to import data from those sites to work offline. System is capable of screening against any custom lists defines by the regulatory/ institutions. Available PEPs list for screening. Integration capabilities with 3 rd part data providers Built in Workflow for alert management. Able to perform screening foro Before Account Opening/ Customer creation o Existing Customer Screening o Swift message Interdiction and screening (Outgoing& Incoming) o Remittance/Bulk Screening (Foreign/Inland) o LC Opening o Bearer Cheque Velocity-Risk Management Module- Configurable Risk Model with Out of Box features for Retail and Commercial banks Efficient new customer on boarding(kyc) and due diligence Ongoing existing customer risk monitoring and enhanced due diligence Comprehensive customer risk scoring Automated workflows and reporting Incomplete KYC Report Risk Report Review High Risk customer detail and Transaction History Schedule High Risk customer for periodic monitor Transaction Monitoring& Reporting- Configurable robust Rule engine Page 1 of 18

2 Custom rule define capability Efficient data collection and management through ETL Service Automated CTR, STR generation and validation Alert management centrally and branch wise Alert Scoring and categorization Inbuilt configurable Workflow Automated CTR, STR e-filing, exporting, and tracks the status Case Management Module- FATCA Module- Workflow capability to manually input cases, assign cases, capture investigation in Review Memo, obtain second level/manager s approval, and decision case all actions are tracked in action logs with date/time stamps Workbenches by roles to create, assign, investigate, and approve/decision cases Ability to perform holistic review of customers with related parties and account information Ability to check negative news and public records. Ability to update many configurable values (e.g. adding LOBs, Case Types etc.) with no IT involvement Ability to get reports on key performance metrics, case status and progress, RFI statues, Periodic Reviews due etc. Effective identification, analysis, and reporting for FATCA compliance Leverages KYC/CIP data and can integrate data from multiple sources Dynamic alert and case management FATCA reporting and integration with tax systems Robust management reporting and dashboards Features are presented in the system through some workbench for better management: AML Admin Workbench User shall be able customize rules User shall be able to set KYC fields mandatory yes/no by check and uncheck. Create customer profile dynamically Configure Sanction list that will follow the bank for searching/screening Configure PEP list Configure applicable algorithm Configure minimum score for matching Configure Customer Risk level and identification criteria. Customer Officer Workbench Incomplete KYC list generation based on the prior set criteria. User can on-board new customer User can perform KYC risk review User will able to perform new customer screening Page 2 of 18

3 User will able to file CTR, SAR User will be able to review customer KYC risk Automated condition base forward for next level review. BAMLCO Workbench Able to view branch wise screening status and report. CTR and STR review SAR filing Able to screen new and existing customer Able to generate incomplete KYC report Able to send automated report to CAMLCO/CCU Automated condition base forward for next level review CAMLCO Workbench CCU Workbench SWIFT Office Workbench Able to view Incomplete KYC Report Able to view Screening status new/existing Able to investigate Negative news/ public records Able to screening new/existing customer Able to send automated report to executive management Able to review transactions of a customer SAR and STR filing CTR and STR review Customer KYC risk review Triage alert and file case from an alert Report to BFIU Able to scan view details of SWIFT message If there are any match in a SWIFT message then he will be able to review the details of match Able to view status of every SWIFT message Automated condition base forward for next level review. Page 3 of 18

4 SWIFT Approver Workbench Able to view status of every SWIFT message Able to generate status wise report Automated condition base forward for next level review. Remittance Office Workbench Able to upload remittance file and screen If there are any match in a transaction then he will be able to review the details of match Able to view status of every transaction Automated condition base forward for next level review. Remittance Approver Workbench Able to view status of every transaction Able to generate status wise report Automated condition base forward for next level review. Velocity-AML Transaction Monitoring & Reporting Systems CTR filing SAR filing Automated STR generation based on defined rule Customizable rule engine Alert generation, review and filing Automated case generation Automated reporting to Financial Intelligent Unit (FIU) Input Cases There will be an option to create new customer profile There will be an option to create new case profile User Will be able to search detail customer information Analyst workbench User will enter detail case information against the existing customer or new customer System will validate file formats, file types, records in the file, blank fields and etc. of the uploaded file While uploading the files system will check the duplication customer File uploading option (.csv or.xls files) matching the Customer Profile and Case Input data fields. Able to create/update/upload case User will be able to assign cases to investigator Able to view key metrics. Able to view team status Page 4 of 18

5 Investigator workbench Able to search case Able to view case information in different category like CRR1, CRR2 and Other Able to view key metrics. Able to view team status Able to search case and customer information Able to view case information in different status like New, Open, Pending RFI, Pending for Approval etc. Able to review case and input investigation data and upload file through review memo. Review Cases Reviewing memo section by section Merging multiple customers in one review memo for both existing & new customers Account status Main analysis WEB API /SOAP to call information from other data providers (e.g. Acuity) for Page 5 of 18

6 Able to investigate assigned case considering following area CIP & Related Party Negative media Public records RFI Transaction review Negative Media checks Retrieve file SAR/STR in specified regulatory body (e.g. FINCEN in us/fintrack in Canada) format Updating decision in customer and case profiles Capturing next review data Customer Removal Process Team lead workbench Data validation before removing customer Creating removal case and closing it User will be able to assign/reassign cases to investigator Able to view key metrics. Able to view team status Able to view team member vacation/ workload/ and assigned cases review status Able to search case Able to view case information in different category like Unassigned, pending review and all cases. Finally make decision case status as High risk/low risk/other Able to close case Page 6 of 18

7 User Administration User login Use password change, reset, expire option follow PCI best practices User admin Customer profile Case review memo configuration Referral source configuration Case types configuration Industry type configuration Option to customize roles and workflow Option to customize re-assignment rules. Re-assign cases to managers or peers etc. Option to customize the autoassign cases based on investigator capacity and other business rules (such as case types, risk based, priority etc.) Products configuration Line of business configuration Company type configuration RFI status code configuration Customer Profile data fields configuration Case Profile data field configuration User role configuration GUI hyperlinks Configuration Review Memo Section Configuration Mandatory fields / section Configuration Configuration for customer types of cases that require second level approval Configuration for when a case workflow is closed vs. kept open or pending status Report Requirements Able to generate graphical report Able to export report data in Graphical representation in report like Dashboard, Aging status, Trends etc. Page 7 of 18

8 xls/csv file Able to import data from xl/csv file Customized dynamic report layout generation based on user requirements by choosing reporting data fields Graphical presentation in reports like pie chart, bar chart and etc. Able to save report as template for further use Able to generate report dynamically by selecting/deselecting columns. Integration Workflow with CBS (Web Service) CBS AML Customer Creation Screening Start Customer Entry Save Call AML Service AML Service Screen Customer Customer Screening Process Full cycle of AML Prevent Authorization of Blocked customer and Authorize Released customer Result/Status CBS Service Released/Block Clear Alert End Phase Phase Page 8 of 18

9 Some Screen Shot of Velocity-AML Solutions Suite Fig: AML Admin Workbench Fig: AML Admin Workbench Page 9 of 18

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12 Fig: Customer Officer Workbench Fig: On demand Screening Result Page 12 of 18

13 Fig: Manual File uploading Fig: BAMLCO WorkBench Fig: CAMLCO WorkBench Page 13 of 18

14 Fig: TMRS Admin Workbench Fig: TMRS Admin Module Fig: TMRS BAMLCO Workbench Page 14 of 18

15 Fig: TMRS Customer Officer/Tailer Module Fig: TMRS CCU Workbench Fig: TMRS CCU Module Page 15 of 18

16 Fig: Remittance Officer Workbench Fig: Swift Officer Workbench Fig: Customizable Report Page 16 of 18

17 Minimum Software, Hardware & Environmental requirement Software requirement Operating System Web Application Server Database Browser : Windows : Microsoft Internet Information Service (IIS) 7 or above : MS SQL Server 2008 R2 or above : Mozilla/Internet explorer/chrome/microsoft Edge Hardware Requirement Database Server Brand IBM/Dell/Any other Processor Intel Xeon Processor E Series 10 or12 Core or equivalent RAM 16/32 GB ECC DDR3 [Base on data volume] RAID Controller Supports for RAID 10/5 HDD 4 x 500 GB SAS HDD or equivalent Ethernet Port Broadcom NetXtreme 1 Quad Port Gb EAdapter Power Supply Unit Dual Power Supply Application Server Brand IBM/Dell/Any other Processor Intel Xeon Processor E Series 10 or 12 Core or equivalent RAM 16 GB ECC DDR3 RAID Controller Supports for RAID 10/5 HDD 4 x 500 GB SAS HDD Ethernet Port Broadcom NetXtreme 1 Quad Port Gb E Adapter Power Supply Unit Dual Power Supply Page 17 of 18

18 Agrani Bank Limited List of AML Clients Velocity-AML Solutions Suite: List of Leading Clients Mercantile Bank Limited Social Islami Bank Ltd. (SIBL) Meghna Bank Limited Jamuna Bank Limited United Commercial Bank Limited Rupali Bank Limited Royal Bank of Canada TDBank Group Santander Bank Landesbank Baden-Württemberg (LBBW) As on February, 2017 Page 18 of 18