Assessing and identifying risks associated with customers and transactions is a key component in AML compliance. Our AML software for banks has a risk assessment feature which assigns risk scores and categorises customer risk levels. This assessment is based on risk factors such as transaction amount, geographical location, customer type and customer behaviour. By using our AML software, you have access to valuable insights on risk categorization of your customers and products. This will enable you to allocate resources effectively and improve your AML risk strategy.

Our Anti-money laundering software will analyse patterns and anomalies in your transactions as they happen and detect any suspicious activities. The software will flag unusual patterns based on defined monetary thresholds, predefined rules, scenarios and algorithms. The alerts of suspicious activities are then sent to the compliance teams and relevant authorities for investigations thereby reducing financial crime risks.

A common challenge that comes with transaction monitoring software is the occurrence of false positives. A high number of false positives can lead to additional administrative and financial costs, cause unnecessary disruptions and strained customer relationships. Our AML software uses smart technology such as artificial intelligence (AI) and machine learning models to accurately monitor and flag suspicious activities thereby reducing false positives.

The sanction screening feature in our AML software will screen customers and entity names against the relevant watch lists during the onboarding process before a transaction is executed and periodically. This will prevent your bank from engaging with high-risk individuals or those identified to have been involved in illegal activities.

Velocity AML software seamlessly integrates with the core banking systems, customer databases, Customer Relationship Management (CRM) systems, card management systems, and payment getaways thereby streamlining data flow and AML operations. Our AML software can pick transactional data from various banking channels such as internet banking, mobile banking, wire transfers, checks, cards and more. The smooth flow of data between Velocity AML software and your existing systems is among its many superior features that makes it the best AML software for banks.