How To Outsmart Financial Criminals with AML Watcher?

Is the path to a protected financial system through anti-money laundering (AML) compliance or is it just another poorly calculated measure against empowered financial fraudsters leading to unforeseen challenges for businesses?

But what happens if you ignore AML laws designed to fight money laundering and associated predicate crimes?

Non-compliance is one unforgiving master, ask the BNP Paribas S.A. a Paris-based global financial institute, which pleaded guilty to violating U.S sanctions and paid one of biggest AML penalties in compliance history. A monetary penalty of $8.9736 billion was the cost BNP Paribas had to pay for overlooking required AML measures.

It is 2024 and globalization has changed everything for businesses, thanks to technological advancements.

Meanwhile, being blind to accelerating financial crimes and  AML compliance does not come with easy outcomes since the regulatory and enforcement agencies are strengthening allies against negligence.

The question of the day is, if the financial sector is a battlefield then how to fight an invisible enemy?

With hundreds of AML solutions available in the market, which solution can meet your specific compliance needs? How do we outsmart financial criminals in their own game?

This is where AML Watcher (AMLW) enters with its AML solution, which is not just another data and screening tool filtering out corrupt actors but understands each business’s risk appetite. Knowing your compliance partner is as crucial as knowing your compliance enemy.

Before we dig into the depths of our exclusive products, it is important to learn about AML Watcher’s mission and philosophy that accelerates the innovation embedded in the AML tool.

AML Watcher’s Mission – Aiming For Easy Compliance

The anti-money laundering software and solutions have seen massive expansion and are predicted to grow even more, credit goes to increasing strictness in AML laws and regulations.

While the market of AML and KYC (Know Your Customer) services reached $2.6 Billion in 2023 with elusive vendors for Customer Due Diligence (CDD) checks, what motivated the birth of AML Watcher?

Crafting an AML screening tool that will not be just efficient but empowering and easy to integrate into your existing AML risk engines, defines the mission AMLW stands true to.

Constant pressure from compliance watchdogs seems like a path to hell that was made with good intentions and meeting these ever-increasing expectations is taking a toll on businesses’ health.

Large enterprises are somehow managing to employ AML/CFT measures in their compliance framework but the real challenge stays unresolved for small to medium enterprises (SMEs).

Businesses are not ready to bleed with their calculated resources being used to thrive in global markets while AML compliance remains just a thing on paper, but for how long can one close their eyes and pretend the non-existence of the problem?

The need for an easy, accessible, effective, and empowering AML solution that can fit every business’ need whether small or large is what brought AML Watcher to life.

What does AML Watcher look up to? If the set compliance goals are achieved, will the edgy financial world be more transparent? Let’s find it out together.

How Does the Financial World Look From AMLW Vision?

The current stats on annual global money laundering lie between € 715 billion and 1.87 trillion, not to mention that estimated figures tell about only 1% of actual money laundering happening around the globe.

AML Watcher’s compliance tool is designed to create a transparent financial landscape where spotting financial fraudsters does not cost you an arm and leg.

It envisions a system where maintaining AML compliance is not a separate task requiring a dedicated compliance workforce allowing businesses to focus on their customer relationships and unbridled growth.

Imagine a financial world where consumers trust businesses for their high guards against economic instability catalysts and fraudsters are not able to invade financial security.

The efficiency of our AML products relies on AMLW ‘s simple yet roaring philosophy, grounded by the four significant pillars.

AML Watcher’s Philosophy – AML Compliance For Everyone

Our philosophy is simple! Literally, that’s part of it. Let’s take a look at what that means to us.

Simplicity

Our user-friendly experience puts ease of use at the forefront.

With no intricate interfaces or complicated configurations, AML Watcher prioritizes intuitive workflow so there is simple and seamless integration into your compliance framework!

Effectiveness

Our philosophy includes ensuring that we don’t take AML compliance as the simple act of checking boxes.

AML Watcher gives the utmost importance to ensuring true risks are identified and financial crimes are prevented! Additionally, our platform makes use of AI advancements and machine learning to remain accurate and efficient!

Impactfulness

Innovation and the disruption of the status quo are two of our top priorities! We aim to continue to push the boundaries and incorporate cutting-edge tech to work as an AML screening solution.

Empowerment

One thing that we offer that others might not is that our solutions are created to empower compliance teams and not replace them!

We provide exclusive tools and insights so they may perform risk assessments and navigate AML regulations confidently!

Guarded by the concise philosophy, AML Watcher introduces its AML screening products to the technology-driven world empowering businesses through simply accurate compliance.

Let’s take a look at each product and how it works for a unified cause against financial crimes.

AML Watcher’s Products – A Suite of Efficient AML Tools

At AML Watcher, we consider compliance not just some checkboxes but an asset for your business against financial fraudsters who can bring you to the edge of a slippery slope of tightening AML regulations.

Sanction Screening

Geo-political conflicts are creating difficult-to-navigate sanctions regimes.

The complex web of sanctions can not be relied solely on name-matching techniques typically used in sanction screening solutions.

AML Watcher’s sanction screening digs beyond the surface and performs sanctions checks by incorporating deviating factors of cultural nuances, transliteration, and phonetic differences that allow our compliance tool to catch red flags in a matter of seconds.

Regularly updating the database at AMLW does not allow any sanctioned entity to seep through the check.

USD 3.96 Billion of AML and Sanctions fines were imposed in 2023. It is time to recognize the power of Sanction Screening because the era of leniency is over.

Watchlist Screening

Sanctions lists are being updated every day while politically exposed persons (PEPs) lose their power or change ranks in a matter of nights, how can one steady spot in a constantly changing compliance landscape?

The formula to crack the regulatory code is AML Watcher’s watchlist screening tool that performs AML checks by not solely relying on static lists collected once but screens through the latest global watchlists.

The set of lists includes fraud warnings, disciplinary action lists, exclusion lists, restricted and denied party lists, and debarment lists.

PEP Screening

The inherited money laundering risks associated with politically exposed persons (PEPs) are identified as a big challenge for financial institutions and businesses, credit goes to their access to public power.

The abuse of power by PEPs and influential individuals can give birth to one of the biggest financial scandals in history. The Panama Papers leak screams for a call to action.

When finding corrupt fish from turbid waters can consume compliance resources, businesses find it hard to screen PEPs and their relatives and close associates (RCAs).

How does AML Watcher make inherently tricky PEP Screening easy for you?

Our state-of-the-art screening tool empowers your compliance with PEP identification by breaking down complex and hidden PEP networks to facilitate the removal of potential risks.

AMLW does not stop at one-time identification of PEPs but religiously monitors the ups and downs in political statuses that equips efforts against constantly increasing ML risks.

Adverse Media Screening

Imagine delaying a road trip because the weather forecast warns you about a tornado hitting the route, an informed decision saved your life.

Fancy catching a corrupt actor before they can cause you compliance damages because you spotted them in negative news even before they ended up on any enforcement list.

Helping you to spot an underlying AML risk, Adverse Media Screening at AML Watcher offers broad coverage of national, local, and foreign media, regulatory and financial news, and industry-specific publications.

Our negative news checks employ sentiment analysis while scanning the individual that saves you from falling prey to the confusing context of news and losing a potential business.

5.35 Billion users of the internet are generating approximately 402.74 million terabytes of data every day. How can Adverse Media Check be a true detector in the age of overloaded information?

International Leak Database

Limited compliance resources for efficient AML restrict access to data and scandals that are out of one jurisdiction while regulatory expectations do not care about it, whether you like it or not. Proactive detection of AML risks and red flags requires a handful of access to international leaks that cover crime lores of PEPs and individuals involved in financial crimes beyond borders.

With our International Leaks Database, AML Watcher offers you an easy possession of data and timely information to uncover financial scandals, sensitive information, and leaks that unveil corrupt actors. It is not rocket science anymore to stay updated about your clients and manage AML threats in real time.

It is crucial to understand how AMLW makes compliance so simple and efficient altogether because accountability comes with a clear understanding of responsibility. Let’s dive into the features that make AMLW a pioneer of compliance enablers.

AML Watcher’s Features – Towards A Simple Compliance

It is time that AML compliance should not be a hustling task when businesses are struggling to reach heights in global markets. AML Watcher integrates the below features into the screening tool making it powerful and easy to adapt.

Biometric AML

AML Watcher believes that compliance and convenience can come hand in hand when the Biometric AML screening feature is embedded with an already empowered AML tool. A name and an image bring you accurate and fast screening results. Along with detecting identity theft, biometric checks are all about seamless and secure compliance.

Configurable Risk Scoring

Our custom risk scoring feature diminishes the myth of “One solution fits all” because honestly, it is applicable anywhere but against money laundering and predicate crimes. The bigger problem needs innovative solutions and AMLW screening is equipped with Configurable Risk Scoring allowing businesses to set AML parameters based on the business type, size, and exposed risks.

Ongoing Monitoring

AML threats stay associated with clients as long as they are onboarded which means one-time screening is not something that will be an ideal savior, unlike ongoing monitoring. Complying with regulatory demands and beating sophisticated money laundering tactics evolving with time, AML Watcher embeds its tool with Ongoing Monitoring. Staying updated with every minor to major change in customer risk profile is essential to effective AML compliance.

Custom Whitelisting / Blacklist

Who has time to manually set AML risk parameters every time a new regulatory or geopolitical change happens, no one for sure. A configured compliance tool according to local and international AML laws and the database required to screen the customer base is what AML Watcher’s Custom Whitelisting and Blacklisting feature does.

Case Management

AML Watcher case management empowers compliance with one consolidated solution to evolving financial threats. The unified management of any AML case involves secure client onboarding along with due diligence, real-time monitoring of threats, and risk-based compliance.

A compliance partnership is not all about providing AML screening software but it is more about empowering your businesses with resources to keep you updated. Let’s explore how AML Watcher is all about your compliance success.

AML Watcher’s Resources – Enabling Informed Compliance

Making an informed decision while managing AML threats requires insights into evolving AML issues, historical lessons, regulatory updates and nuances, RegTech trends and challenges, and much more.

AML Watcher has carefully curated sections of Ebooks, Whitepapers, AML Country Guides, Insights, and Latest News work as a compliance weapon.

AML Watcher Is Your Next Compliance Partner – But Why?

Money laundering and associated financial crimes are being fought for one significant cause, to protect global economic stability. AML Watcher believes that efforts to protect economic stability should not bring your business to its knees and break your bank.

How? 

• AML Watcher parity-based pricing allowing businesses of every size and region to get access to efficient compliance.
• Businesses hesitate to trust AML screening solutions because they are difficult to integrate into their established business framework. AML Watcher API integration is seamless and developer-friendly.
• AML Watcher’s free search tool is another perk that can allow you to run screening and experience the tool in its true essence.