Harnessing Advanced Technology to Combat Financial Crimes


Financial institutions of all categories are currently expending vast amounts of staff resources, capital, and management attention on anti-money laundering (AML) compliance. To meet the ever-growing demands and comply with industry standards, AML systems must utilize automated, analytical and digital processes and tools.

With the emergence of technological advances in digital banking, regulatory focus is currently centered on containing money-laundering risks associated with new payment methods such as mobile wallets, e-payments, and e-money issuers.

Verifying the origins of funds and real-time transaction monitoring are crucial in AML processes. Nowadays advanced analytics and multiple detection methods are vital to uncover illicit activities and analyze customers’ profile to provide a seamless workflow in mitigating risks and facilitating investigations.

It is important to adopt highly intelligent rule engine and sophisticated detection mechanisms which will not only significantly reduce exposure to risks but helps detect suspicious activities in advance and provide bank investigators with detailed, transparent intelligence if and whenever needed.

There are numerous advanced filtering technologies and analytics for real-time fraud detection and generation of alerts based on changes in behaviour patterns that are gaining ground. Banks are also using high-tech linkage analysis (network visualization) to detect suspicious activities and track money trails.

Examples of other innovative technologies in the market include cognitive computing which enhances the assessment of AML risk portfolios by managing large amounts of structured and unstructured information, and reconcile ambiguous and even self-contradictory data. Others are graph analytics, machine learning, cloud computing and robotic process automation (RPA).

All of the state-of-the-art technology, analytics, and data management are keys to successful implementation of an AML compliance program that meets industry standards and regulatory expectations. Most importantly, it helps financial institutions to stay ahead of the curve to address future changes more easily and efficiently.

INFOPRO is playing our part to ensure that financial institutions and NBFIs are in compliance with the latest AML regulations worldwide. Our intelligent, AI powered SYNERGi AML solutions are offered in a modular basis consisting of KYC (Know Your Customer) or KYT (Know Your Transaction) components.

The innovative platform provides end-to-end coverage to identify and report suspicious transactions related to money laundering and terrorist financing, ensuring firms can meet current regulations and quickly adapt to the evolving regulatory environment.

INFOPRO’s SYNERGi AML solutions are aligned with six major components of the AML operating system for a fully comprehensive, all inclusive process;

1. Detect

The intelligent solution detects suspicious transaction by filtering through the system based on the rules setup by users via online, in batches or manually. Manual detection allows capturing of all non-computerized suspicious activities as reported to the risk department.

2. Alert

Your compliance officers will receive alerts via SMS and emails so they’re able to promptly manage urgent and high risk cases.

3. Investigate

Make full use of the data warehouse engine and vast database access that provides complete information on customers for any enquiries during an investigation. 

4. Manage

Manage your AML processes with user definable rules and schedules. This makes it possible for the system to be adjusted each time there are changes in the central bank policy.

5. Report

Gain high level assessment on AML cases with our user-friendly dashboard. The system provides standard transactional reports that also come with analysis and central bank output reports.

6. Recovery

The recovery mode allows the system to reinstate normal status once the investigation has been completed and the suspicious transaction becomes negative. 

It is high time that financial institutions of all shapes and sizes leverage on the latest technological offerings to better monitor and combat financial crimes in real time. Not only will they be able to effectively meet regulatory requirements, but also maximize staff productivity while reducing ongoing AML costs.

Act now to improve efficiency and business controls by upgrading the quality and accuracy of AML alerts. For more information about INFOPRO’s SYNERGi AML solutions and the innovative features, visit https://www.infopro.com.my/aml-2/ or contact us for a free demonstration today.

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