Amlock™, our integrated suite of Anti-Money Laundering (AML) solutions, has been deployed on the Oracle cloud in Money Mart’s Ashburn Data Center, USA, with a private network connectivity using a secured Fortigate firewall. This has improved the security quotient of the deployment by several degrees, helping Money Mart stay compliant with the Data Protection Act and GDPR. The Oracle Cloud has made the application accessible to all compliance users across Canada and the USA.
The implementation process involved exploring and understanding the complex source data models of each of Money Mart’s products. The coverage of transaction monitoring was expanded to all lines of business with the addition of more scenarios and rules. A comprehensive alerts library with 50+ out of the box rules across multiple products, covering Western Union money transfers, high value transactions, structured payments, loans, pre-paid cards, check cashing, forex and others helped automate AML processes.
Customized risk categorization and assessment models were implemented to identify and assess customer risk in over 700 locations.