Anti Money Laundering technical solutions for financial institutions

Anti-money laundering and terrorist financing (AML & TF) is crucial to protect the financial institutions and their clients. Unfortunately this is a gray area in the banking world. That’s why software technologies correlated with AML&TF procedures and processes are key in order to get to know your customer (KYC) and monitor suspicious transactions. Software technologies are very diverse ranging from in house solutions such as, commonly known by anyone associated with IT programming languages: Java, Java script, Angular, etc. to an external vendors providing low-code/no-code development platforms like PEGA or Outsystem. As an example we can mention various types of visual software development environments that allow  user to automate processes in the application with some or little coding knowledge- using ready components.

The following points were addressed:
- Why software technologies are significant in KYC processes?
- The complexity of the company’s ownership structures.
- How to quickly manage the regulatory/policy changes concerning the red flags and the alerts?
- Data usage internally and externally especially for the managed services companies.
- Finally the prodigious benefits.