Platform to Manage Risks in Multi-Channel Digital Banking
The TrustBankCBS AML platform helps BFSI organizations align their banking operations with governance and internal controls to meet domestic and international statutory AML requirements.
It provides advanced monitoring, analytical, and surveillance capabilities for detecting financial crimes, generating AML alerts from watch lists, and KYC data, and configuring AML exception parameters.
Offering a unified solution, the TrustBankCBS AML platform integrates in real-time with various modules of the TrustBankCBS suite, providing comprehensive risk management across multi-channel digital banking.
TrustBankCBS AML, with its proven functionality and continual updates, provides banks with essential tools for effective compliance with statutory AML requirements. It offers the following functionalities:
- Customer Identification Process
- Suspicious Transaction Reporting (STR) Monitoring Engine
- Case Management
- Risk Categorization of Customers
- STR Whitelisting Approval Workflow
- Alerts, Notifications, and Reporting
- Regulatory AML Compliance Statements and e-Filings
- Analytics for Suspicious Activity, Pattern Analysis, and Behavioral Analysis
- Audits and Investigations
The state-of-the-art AML solution offers the following key features to streamline AML processes, risk management, and statutory compliance:
- Centralized Data Warehouse with an embedded ETL tool
- Automated and scheduled extraction processes
- Parameterized and configurable data models
- Configurator tool for business logic customization
- Continuous upgrades to meet evolving statutory compliance
- Seamless integration with TrustBankCBS modules, eliminating the need for additional data collection as TrustBankCBS captures nearly all required data for AML reports and compliance
- Mobile-based alerts, notifications, and dashboards
TrustBankCBS AML helps BFSI organizations safeguard against threats such as terror financing, counterfeiting, and money laundering. It enables BFSI to mitigate the risks of severe penalties and reputation damage. The key benefits include:
- Automated data extraction from branches across multiple geographies for unified business operations
- Access to advanced research, sophisticated modeling approaches, and the latest data analysis tools
- Process assessment and recommendations to ensure regulatory compliance
- Improved risk management and control
- Centralized parameterizations and standardization of the AML monitoring process across branches
- Reduction in the total cost of AML management through institutionalized best practices
- Effective monitoring and detection of terrorist activities, money laundering, and suspicious customer behavior
- Enhanced employee awareness through customized anti-money laundering training
