Anti-Money Laundering (AML) Investigations
Financial services corporations are well aware of the potential monetary losses, regulatory scrutiny, and reputation damage that can result from undetected money laundering. Reactive solutions to ongoing regulations have left many organizations with segregated and manual processes for detection, investigation, and reporting of money laundering activities.
The New Basel Capital Accord (Basel II) necessitates that regulators implement technology that reduces risk of internal and external loss, which makes the onus of finding the most functional and cost-effective technology solutions more important than ever.
While traditional Anti-Money Laundering (AML) detection software is a powerful tool to identify suspicious activity, the addition of an enterprise process management software system that manages the assignment, investigation, and corrective and preventive measures related to each AML alert creates an automated, closed-loop system for managing risk.
TrackWise Anti-Money Laundering (AML) Solutions
TrackWise provides a cost-effective, electronic solution that significantly reduces risk by managing and tracking investigations, controls, risk assessments, and corrective actions related to anti money laundering processes. TrackWise automates all steps of the investigation process from the alert stage and initiation, through resolution, corrective actions and disclosure. The system provides flexible integration that enables integration with AML detection software and enterprise reporting platforms and dashboards.
TrackWise's secure, web-based process management framework enables compliance and risk managers to conduct real-time case investigations and collaborate virtually, regardless of location. Workflow rules enable investigators to document evidence, attach documentation, establish relationships to other cases, escalate issues, generate action items, and create in-depth investigation reports. Most importantly, your organization can manage and track all corrective actions, changes, and controls, to ensure containment and prevention of future occurrences.
In addition to providing a closed-loop AML case management and investigation system, TrackWise also enables your organization to manage other areas of your enterprise risk management program that relate to the AML controls.
- Supervisory checklist / procedures management
- AML training and curriculum management
- Templates and checklists for interviews
- Templates and checklists for internal and external audits
- Investigations and related corrective actions
- Risk assessments
- Action item management
- Change management
Benefits
- Facilitate regulatory compliance by integrating a secure, transparent system to monitor, investigate, and mitigate corporate risk
- Extend the value of an AML technology infrastructure by eliminating manual processes, and providing full access to all related records in one central database
- Increases return on investment by reducing the IT resources needed to update and support customized, disparate systems in different locations
- Create transparency for both internal and external audits with date and time stamped audit trail
- Creates full visibility of investigation details across the organization with powerful dashboards, query capabilities, reminders and escalations
- Optimize investigation time-to-resolution through structured workflow enforcement.
- Enable effective trending and analysis to measure overall risk
- Provide senior management with real-time high level overviews via flexible summary reports.
- Heighten vigilance over money laundering through proactive process evaluation and refinement.
- Improve collaboration between senior management, compliance and investigations departments based on the ability to designate and enforce clear roles and responsibilities
- Establish process stability by analyzing performance via integrated reporting and trending tools
- Increase vigilance over critical issues using the 24/7 business rules engine to enforce action and results