AML compliance is a significant challenge for many financial institutions. The regulatory environment is constantly changing as governments and regulatory bodies tighten the AML laws to combat sophisticated money laundering schemes. At the same time, financial crimes have become complex because criminals are always looking for new ways to circumvent the AML measures. To stay ahead of the emerging threats and to ensure you remain AML compliant, your financial institution needs comprehensive software that monitors compliance with relevant regulations, sends real-time alerts, generates reports and easily integrates with your existing systems.

Velocity anti-money laundering software works by utilizing advanced techniques such as machine learning algorithms, artificial intelligence, and data analytics to detect suspicious activities and transactions on large volumes of data. Velocity’s is the best AML software for your financial institution because it will ensure your AML compliance processes remain efficient, accurate, timely, and free from human error. This significantly reduces the financial risk that could arise from non-compliant penalties.

Protect your business from financial crimes!

Protect your business from financial crimes!

What is AML compliance?

AML compliance refers to laws, regulations, processes, and policies designed to combat financial crimes. A good AML compliance program consists of the following key pillars:

  • Customer Due Diligence (CDD) & Enhanced Due Diligence (EDD)
  • Risk Assessment & Management
  • Suspicious Activity Reporting (SAR)
  • Record-Keeping
  • Ongoing Monitoring & Training

To be AML compliant, businesses must embed these five pillars in their processes. Manually implementing these pillars in organisations’ processes can be labour-intensive, costly and inefficient. That is why a good Anti-money laundering software like Velocity is essential to enable you to streamline AML compliance workflows and automate AML operations such as the detection of suspicious transactions, ongoing monitoring of transactions and suspicious activity reporting.

TOP FEATURES OF VELOCITY’S AML SOFTWARE

Easy integration

Velocity’s AML software can be easily integrated into the existing systems. From generating reports to filing them, it helps to save time and stay compliant with the regulations.

Risk assessment

The anti-money laundering software can easily identify, assess, and manage the risk of money laundering, terrorist financing, and other financial crimes, which can ultimately help to make an informed decision.

Automation

The advanced software can automate processes and activities which helps to reduce manual work, save time, and improve the efficiency of the compliance team.

Real-time alerts

The software should be able to send real-time alerts to the relevant authorities when suspicious activity is detected.

Compliance management

Velocity’s AML software helps to monitor and manage compliance with relevant regulations, which helps to reduce and prevent financial crimes.

Identify AML risks before they harm your business

Identify AML risks before they harm your business

No more worrying about changing regulations, unusual activities, or money laundering. With Velocity’s AML software solution, you can easily monitor suspicious activity, protect customer data and stay compliant with regulations.

Get the peace of mind you need for your business today with Velocity’s AML software!

Frequently Asked Questions (FAQs)

Who needs AML software?

If you are a financial institution or any organization looking to monitor and detect suspicious transactions or behavior and prevent financial crimes, Velocity’s Top AML software is for you.

What features to look for in AML software?

If you are looking to get the Best AML software for your business, check out that it has the
following features:

  • Monitors and detects transactions.
  • Identify suspicious activities/behavior.
  • Provides real-time alerts.
  • File SARs quickly and efficiently.
  • Checks data against specific watchlists.

How does AML software work?

Best Anti Money Laundering Software solution is like the heart of a financial institution that helps to prevent financial crimes. The AML platform uses advanced technology and sophisticated algorithms that helps to detect suspicious activities which helps to identify and prevent money laundering activities quickly.

Velocity offers reliable and efficient AML compliance software, partnering with top AML software vendors to streamline your compliance processes. Stay ahead of regulations with our powerful solution.

What AML checks should you perform?

AML checks are due diligence measures used to confirm the identity of customers. These checks also establish whether an individual is involved in money laundering activities or connected to other individuals known to be involved in financial crimes. Financial institutions and other businesses that are subject to AML regulations are obliged to perform AML checks on their customers as part of AML compliance efforts.

Below is a list of AML checks that should be performed:

Customer Due Diligence (CDD): This involves gathering and analysing customer’s information to determine their identity, the type of business or activities they are involved in and assess their risk level. In assessing the risk level of a customer, details such as their geographical location, nature of their business, and political exposure are analysed.

Enhanced Due Diligence (EDD): When a high-risk customer is identified, financial institutions should perform Enhanced Due Diligence. This is a deeper scrutiny of customers’ activities, their backgrounds, intent of their transactions, verification of their sources of funds and closer monitoring of their sources of funds.

Client screening: This involves having customers’ personal information such as name and address screened against global watchlists and sanctions lists. They are screened against databases of people who hold influential public or political positions commonly known as Politically Exposed Persons (PEP).

Ongoing monitoring: Once a customer is onboarded, financial institutions need to monitor customers’ transactions to identify suspicious activities or unusual behavior that might indicate that financial crimes are occurring or about to occur.

To implement effective AML checks financial institutions need a top AML software like Velocity with capabilities to conduct transaction screening, transaction monitoring, and client screening against sanctions, PEPs and other high-risk groups.

How to find the best AML tool?

Anti money laundering software is no longer an option, but a necessity for financial institutions!

However, with so many options available, it can be difficult to choose the best one for your financial intuition. So, here are a few things you should look for when selecting the best AML software:

  • Easy integration
  • Provides real-time alerts
  • Uses advanced technology
  • Reliable and scalable
  • Effectiveness of the software
  • The time needed to deploy
  • And most importantly cost.

And guess what? Velocity has all the features listed above! From easy integration and quicker deployment to reliability and scalability, it has got you covered.




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