Chapter 8: Advanced AML Features

The Fundamentals of Successful AML Compliance

In this chapter, we’ll explore AML Watcher’s exceptional offerings that will ensure you that our AML screening solution comes with unique features that set us apart from competitors.

Feel the difference that this makes in resolving your AML compliance problems —it’s better than the contemporary vendors.

Biometric Screening

Upload clear images, weighing less than 5MB to obtain the most precise and accurate data to auto-populate required fields for new customers. Biometric screening speeds up the process with less manual work, ensuring precise results and faster profile checks.

Sentiment Analysis

Using NLP and machine learning, our sentiment analysis scans every news story and social media to categorize mentions as positive, negative, or neutral. It assesses reputational risks and flags entities as low or high risk.

Unique Identifier

Assign unique IDs to individuals and entities, reducing false positives from common names or aliases. Enter details like ID numbers and family names for precise, reliable AML screening results. Our system cross-references these identifiers with multiple data sources to ensure consistent and accurate identification, reducing the likelihood of false positives caused by common names or aliases.

Bulk Search

Upload a CSV file to screen up to 500 entities at once. Bulk search quickly retrieves relevant data from various sources, enabling comprehensive checks in minutes. The system utilizes parallel processing techniques to screen multiple entities simultaneously, comparing them against various sanctions lists, watchlists, and other AML compliance databases. You can now check huge amounts of data for every business entity in a matter of minutes using bulk search.

Custom Risk Scoring

Create custom risk models based on transaction history, customer profiles, and external indicators. Design your own risk thresholds and assign weightage on countries, sanctions, watchlists, PEP levels, and adverse media, and set custom rules for more accurate and effective AML compliance decisions.

AML Custom Whitelisting/ Blacklisting

Add custom records for specific risk insights. Upload CSV files of whitelisted and blacklisted entities to screen against personalized risk management protocols for your business and specific region. This new feature allows you to add custom records for risk insights unique to your business.

Add Custom Source

Add industry-specific data sources into our system by uploading documents or CSV files. This data typically includes lists of sanctioned entities, politically exposed persons (PEPs), or entities involved in high-risk activities. This enriches AML screening capabilities with tailored data, ensuring thorough AML compliance checks.

Aliases Search

Use advanced fuzzy matching logic to find all variations and aliases of names. Toggle “Match AKAs” to broaden your search and reduce false positives to 0, ensuring no critical information is missed. Our system continuously updates and refines these matching algorithms to capture all possible name discrepancies and ensure thorough AML compliance checks.

User Role Management

Assign roles and permissions to team members, ensuring only authorized access to sensitive information. MLROs now can create a new role by specifying its name and selecting the permissions they wish to assign to it. This enhances security and streamlines workflows, reducing unauthorized access risks.

Easy API Integration

Integrate AML Watcher with other business applications via API. This provides real-time data transfer, reduces manual errors, and keeps AML compliance processes synchronized and up-to-date. Elevate your company’s analytics to the next level, With our updated API integration, you can minimize compliance costs without sacrificing the accuracy and credibility of screening data.

On-Premise Solution

Experience unmatched control, precision, and security with our feature-rich, on-premise AML screening solution. Ensure full control over customer data and confidentiality, enabling operational flexibility, prompt search results, and enhanced customer trust AML compliance with data privacy regulations.

Operate confidently in high-risk environments, keeping your customer data secure without exposing it to third-party providers.