Identifying money laundering - AML compliance to remove money laundering from your business
The versatility of the mobile handset and continuous advances in technology enable communication service providers to deliver diverse and convenient payment services, including paying for retail goods or services, micropayments for low value goods, money transfers from mobile to mobile, paying bills and receiving salaries. These new products and services present corporations with a new set of risks and regulatory compliance that have been in place in the financial industry for many years.
Optimus AML encompasses Know Your Customer (KYC) checks - providing several KYC functions, such as external and internal black list searches, data verification rules and link analysis. Searches support exact and fuzzy matching to ensure that all new applications are checked and that identified money launderers can be reported accordingly.
The nature of moving money via payment accounts, domestically, cross border and overseas, provides opportunities for moving money gained illegally, either by laundering or in conjunction with a scam/fraud. It does not matter if the transaction is within a banking infrastructure or via a mobile telecommunications network; Optimus monitors accounts for suspicious activity and monitors the related transactions to build behavioural profiles of each individual, account and dealer/outlet.
Analysis can be automated, semi-automated or manual providing corporations the flexibility to monitor and treat KYC issues and suspicious transactions effectively within their business process.
Why do you need this?
With increased regulatory requirements and the global initiative to stop money laundering, prevent organised crime and terrorism funding, it is imperative that automated systems are in place to monitor for recognised money laundering and to identify possible new laundering activities. With telecommunications’ service providers offering financial services, the need to comply with world and governmental regulations to ensure that any financial service is not abused is paramount.