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Money Mart uses Amlock™ Cloud to strengthen its Anti-Money Laundering program across 700+ locations in North America

Overview:

Money Mart Financial Services is a North American leader in financial products, focusing on the under banked and subprime customer segments. In business for over four decades, the firm provides access to cash and related products, backed by a retail network of over 700 locations and robust digital and mobile platforms.

Company Snapshot:

Company: Money Mart Financial Services
Sector: Financial Services
Regional presence: North America

Challenges

By virtue of the scale of its business, Money Mart handled thousands of daily transactions, generated across multiple systems.

A primary challenge it faced with its existing system was sustaining data integration and quality. There were several instances of data insufficiency and inconsistency which created problems in administering a seamless financial crime detection process. Further, existing transaction monitoring processes provided limited scenarios which increased the risk of missing out possible fraudulent transactions. The system did not support batch submission of Currency Transaction Reports / Suspicious Activity Reports (CTR/SAR) to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which made regulatory compliance tedious. In addition, the system provided very limited scope for customization.

Solution

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.

Benefits

The solution enables Money Mart to successfully detect and report suspicious transactions and strengthen its AML Strategy. The key benefits to the company include:

  • Significant reduction of time for end-of-day processing – alerts generation, to less than 45 minutes
  • Single source of truth with a 360o view of the customer, based on risks, profiles, alerts and transactions to improve risk assessment processes across the retail network of 700+ locations
  • Easy identification of new suspicious transactions with a flexible case investigation workflow and a custom-built feature for continuous activity review
  • Streamlined generation of regulatory reports and facilitating submission of CTRs and SARs, enabling easy regulatory compliance
  • Custom-made Risk Categorization Model to classify customers
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