Velocity-Anti Money Laundering [AML] Solutions Suite...

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Transcript of Velocity-Anti Money Laundering [AML] Solutions Suite...

  • Page 1 of 18

    Velocity-Anti Money Laundering [AML] Solutions Suite - Key Features

    Velocity-AML Solutions Suite helps you comply with

    anti-money laundering (AML), Bank Secrecy Act (BSA),

    and counter terrorist financing (CTF) regulations. The

    solution uses multiple detection methods and

    advanced analytics engine for screening, risk rating,

    transactions monitoring in very large data volumes

    quickly and efficiently. Velocity enables financial

    institutions to automatically screen customers for

    possible money laundering or terrorist financing

    behavior, document the decisions with audit trails and

    if applicable creates pre-generated regulatory reports

    for filing with the authorities.

    High level feature list of the application are:

    Sanction List/ Watch List Screening Module-

    The system is capable of communicating with UNSCR/OFAC/UK (HMT) lists through web

    service to import data from those sites to work offline.

    System is capable of screening against any custom lists defines by the regulatory/

    institutions.

    Available PEPs list for screening.

    Integration capabilities with 3rd

    part data providers

    Built in Workflow for alert management.

    Able to perform screening for-

    o Before Account Opening/ Customer creation

    o Existing Customer Screening

    o Swift message Interdiction and screening (Outgoing& Incoming)

    o Remittance/Bulk Screening (Foreign/Inland)

    o LC Opening

    o Bearer Cheque

    Velocity-Risk Management Module-

    Configurable Risk Model with Out of Box features for Retail and Commercial banks

    Efficient new customer on boarding(KYC) and due diligence

    Ongoing existing customer risk monitoring and enhanced due diligence

    Comprehensive customer risk scoring

    Automated workflows and reporting

    Incomplete KYC Report

    Risk Report

    Review High Risk customer detail and Transaction History

    Schedule High Risk customer for periodic monitor

    Transaction Monitoring& Reporting-

    Configurable robust Rule engine

  • Page 2 of 18

    Custom rule define capability

    Efficient data collection and management through ETL Service

    Automated CTR, STR generation and validation

    Alert management centrally and branch wise

    Alert Scoring and categorization

    Inbuilt configurable Workflow

    Automated CTR, STR e-filing, exporting, and tracks the status Case Management Module-

    Workflow capability to manually input cases, assign cases, capture investigation in

    Review Memo, obtain second level/managers approval, and decision case all actions are

    tracked in action logs with date/time stamps

    Workbenches by roles to create, assign, investigate, and approve/decision cases

    Ability to perform holistic review of customers with related parties and account

    information

    Ability to check negative news and public records.

    Ability to update many configurable values (e.g. adding LOBs, Case Types etc.) with no IT

    involvement

    Ability to get reports on key performance metrics, case status and progress, RFI statues, Periodic Reviews due etc.

    FATCA Module-

    Effective identification, analysis, and reporting for FATCA compliance

    Leverages KYC/CIP data and can integrate data from multiple sources

    Dynamic alert and case management

    FATCA reporting and integration with tax systems

    Robust management reporting and dashboards

    Features are presented in the system through some workbench for better management:

    AML Admin Workbench

    User shall be able customize rules

    User shall be able to set KYC fields mandatory yes/no by check and uncheck.

    Create customer profile dynamically

    Configure Sanction list that will follow the bank for searching/screening

    Configure PEP list

    Configure applicable algorithm

    Configure minimum score for matching

    Configure Customer Risk level and identification criteria.

    Customer Officer Workbench

    Incomplete KYC list generation based on

    the prior set criteria.

    User can on-board new customer

    User can perform KYC risk review

    User will able to perform new customer

    screening

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    User will able to file CTR, SAR

    User will be able to review customer KYC risk

    Automated condition base forward for next level review.

    BAMLCO Workbench

    Able to view branch wise

    screening status and report.

    CTR and STR review

    SAR filing

    Able to screen new and existing

    customer

    Able to generate incomplete KYC

    report

    Able to send automated report to

    CAMLCO/CCU

    Automated condition base

    forward for next level review

    CAMLCO Workbench

    Able to view Incomplete KYC

    Report Able to view Screening

    status new/existing

    Able to investigate Negative

    news/ public records

    Able to screening new/existing

    customer

    Able to send automated report to

    executive management

    CCU Workbench

    Able to review transactions of a

    customer

    SAR and STR filing

    CTR and STR review

    Customer KYC risk review

    Triage alert and file case from an

    alert

    Report to BFIU

    SWIFT Office Workbench

    Able to scan view details of SWIFT message

    If there are any match in a SWIFT message then he will be able to review the details of

    match

    Able to view status of every SWIFT message

    Automated condition base forward for next level review.

  • Page 4 of 18

    SWIFT Approver Workbench

    Able to view status of every SWIFT message

    Able to generate status wise report

    Automated condition base forward for next level review.

    Remittance Office Workbench

    Able to upload remittance file and screen

    If there are any match in a transaction then he will be able to review the details of match

    Able to view status of every transaction

    Automated condition base forward for next level review.

    Remittance Approver Workbench

    Able to view status of every transaction

    Able to generate status wise report

    Automated condition base forward for next level review.

    Velocity-AML Transaction Monitoring & Reporting Systems

    CTR filing

    SAR filing

    Automated STR generation based on defined rule

    Customizable rule engine

    Alert generation, review and filing

    Automated case generation

    Automated reporting to Financial Intelligent Unit (FIU)

    Input Cases

    There will be an option to create new customer profile

    There will be an option to create new case profile User

    Will be able to search detail customer information

    User will enter detail case information against the existing customer or new customer

    System will validate file formats, file types, records in the file, blank fields and etc. of the

    uploaded file

    While uploading the files system will check the duplication customer

    File uploading option (.csv or .xls files) matching the Customer Profile and Case Input data

    fields.

    Analyst workbench

    Able to create/update/upload

    case

    User will be able to assign

    cases to investigator Able to

    view key metrics.

    Able to view team status

  • Page 5 of 18

    Able to search case

    Able to view case information in different category like CRR1, CRR2 and Other

    Investigator workbench

    Able to view key metrics.

    Able to view team status

    Able to search case and customer

    information

    Able to view case information in different

    status like New, Open, Pending RFI,

    Pending for Approval etc.

    Able to review case and input

    investigation data and upload file through

    review memo.

    Review Cases

    Reviewing memo section by section

    Merging multiple customers in one

    review memo for both existing &

    new customers

    Account status

    Main analysis

    WEB API /SOAP to call information from

    other data providers (e.g. Acuity) for

  • Page 6 of 18

    Able to investigate assigned case

    considering following area

    CIP & Related Party

    Negative media

    Public records

    RFI

    Transaction review

    Negative Media checks

    Retrieve file SAR/STR in specified

    regulatory body (e.g. FINCEN in

    us/Fintrack in Canada) format

    Updating decision in customer and case

    profiles

    Capturing next review data

    Customer Removal Process

    Data validation before removing customer

    Creating removal case and closing it

    Team lead workbench

    User will be able to

    assign/reassign cases to

    investigator

    Able to view key metrics.

    Able to view team status

    Able to view team member

    vacation/ workload/ and assigned

    cases review status

    Able to search case

    Able to view case information in different

    category like Unassigned, pending review and

    all cases.

    Finally make decision case status as High

    risk/low risk/other

    Able to close case

  • Page 7 of 18

    User Administration

    User login

    Use password change, reset,

    expire option follow PCI best

    practices User admin

    Customer profile

    Case review memo configuration

    Referral source configuration

    Case types configuration Industry type configuration Option to customize roles and

    workflow

    Option to customize re-assignment

    rules. Re-assign cases to managers

    or peers etc.

    Option to customize the auto-

    assign cases based on investigator

    capacity and other business rules

    (such as case types, risk based,

    priority etc.)

    Products configuration

    Line of business configuration

    Company type configuration

    RFI status code configuration

    Customer Profile data fields configuration

    Case Profile data field configuration

    User role configuration

    GUI hyperlinks Configuration Review

    Memo Section Configuration

    Mandatory fields / section Configuration

    Configuration for customer types of cases

    that require second level approval

    Configuration for when a case workflow is

    closed vs. kept open or pending status

    Report Requirements

    Able to generate graphical report

    Able to export report data in

    Graphical representation in report like

    Dashboard, Aging status, Trends etc.

  • Page 8 of 18

    xls/csv file Able to import data from xl/csv file Customized dynamic report layout

    generation based on user

    requirements by choosing

    reporting data fields Graphical presentation in reports

    like pie chart, bar chart and etc.

    Able to save report as template for further

    use

    Able to generate report dynamically by

    selecting/deselecting columns.

    Integration Workflow with CBS (Web Service)

    CBS AML

    Customer Creation Screening

    Ph

    ase

    Ph

    ase

    Start

    Customer Entry

    Call AML ServiceCustomer Screening

    Process

    Result/Status Clear Alert

    Full cycle of AML

    End

    Save

    Prevent Authorization of

    Blocked customer and Authorize

    Released customer

    Screen CustomerAML Service

    CBS Service Released/Block

  • Page 9 of 18

    Some Screen Shot of Velocity-AML Solutions Suite

    Fig: AML Admin Workbench

    Fig: AML Admin Workbench

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  • Page 11 of 18

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    Fig: Customer Officer Workbench

    Fig: On demand Screening Result

  • Page 13 of 18

    Fig: Manual File uploading

    Fig: BAMLCO WorkBench

    Fig: CAMLCO WorkBench

  • Page 14 of 18

    Fig: TMRS Admin Workbench

    Fig: TMRS Admin Module

    Fig: TMRS BAMLCO Workbench

  • Page 15 of 18

    Fig: TMRS Customer Officer/Tailer Module

    Fig: TMRS CCU Workbench

    Fig: TMRS CCU Module

  • Page 16 of 18

    Fig: Remittance Officer Workbench

    Fig: Swift Officer Workbench

    Fig: Customizable Report

  • Page 17 of 18

    Minimum Software, Hardware & Environmental requirement

    Software requirement

    Operating System : Windows

    Web Application Server : Microsoft Internet Information Service (IIS) 7 or above

    Database : MS SQL Server 2008 R2 or above

    Browser : Mozilla/Internet explorer/Chrome/Microsoft Edge

    Hardware Requirement

    Database Server

    Brand IBM/Dell/Any other

    Processor

    Intel Xeon Processor E5-4600 Series 10 or12 Core or equivalent

    RAM 16/32 GB ECC DDR3 [Base on data volume]

    RAID Controller Supports for RAID 10/5

    HDD 4 x 500 GB SAS HDD or equivalent

    Ethernet Port Broadcom NetXtreme 1 Quad Port Gb EAdapter

    Power Supply Unit Dual Power Supply

    Application Server

    Brand IBM/Dell/Any other

    Processor

    Intel Xeon Processor E5-4600 Series 10 or 12 Core or equivalent

    RAM 16 GB ECC DDR3

    RAID Controller Supports for RAID 10/5

    HDD 4 x 500 GB SAS HDD

    Ethernet Port Broadcom NetXtreme 1 Quad Port Gb E Adapter

    Power Supply Unit Dual Power Supply

  • Page 18 of 18

    List of AML Clients

    Velocity-AML Solutions Suite: List of Leading Clients

    Agrani Bank Limited

    Mercantile Bank Limited

    Social Islami Bank Ltd. (SIBL)

    Meghna Bank Limited

    Jamuna Bank Limited

    United Commercial Bank Limited

    Rupali Bank Limited

    Royal Bank of Canada

    TDBank Group

    Santander Bank

    Landesbank Baden-Wrttemberg (LBBW)

    As on February, 2017