As part of the client’s technology upgrade initiative, Amlock™- Azentio’s financial crime detection and management solution, was implemented at their data center. The solution was customised to meet the client’s key performance indicators (KPIs), sanction screening, transaction monitoring, and regulatory reporting requirements. Various solution accelerators were used, which could be replicated across implementations to ensure improvement in efficiencies.
Salient features of the implementation:
- The implementation process involved exploring and understanding the complex source data models of each product of the client. Data mapping was completed successfully after multiple iterations in understanding the data models and the business logic and workflows involved with respect to each product
- The coverage of transaction monitoring was expanded to all business lines by adding more scenarios and rules
- A comprehensive alerts library with 50+ out-of-the-box rules across multiple products, covering loans/finance payments, wallet transactions, cards, and others, was set up to automate anti-money laundering (AML) processes
- Customised risk categorization and assessment models were implemented to identify and assess customer risks for both individuals and legal entities
- Webservice / MachineQ APIs for real-time customer screening against sanction lists and integration with core systems
- Automation features for auto downloads of necessary sanction lists for verification, auto notifications through email reminders
- Flexible risk assessment models which can interface with the core system were included
- Dashboards which provide key metrics on customer and transaction risks, user KPIs and audit reports
- Easy to use case investigation workflow with alert prioritization and false positive management
- Custom-made risk categorization model for individuals and corporates.