Introduction

Money and asset laundering prevention has become necessary in every financial institution worldwide. It presents a social and legal risk and negatively affects operations by these entities.

The current processes undergo continuous improvement and yield every day better efficiency for banking entities.

Of all the aspects to improve, monitoring atypical transaction has become a priority. This task must adjust itself to the client’s behavior and not be limited to analysis based on frequency or transaction amount. Currently most Institutions’ Compliance Units do not have adequate automated capabilities that allow it to focus its methodology on the client’s behavior; concentrating on the client’s behavior allows detection to become more efficient and to comply with the bank’s high security standards.

Detection tools are an indispensable resource that helps minimize exposure to risk for the institution by legitimizing files and facilitating tasks, which are required by the current norms. Through the implementation of a effidetect methodology, it can find atypical behavior by comparing it to the client’s history.

effidetect AML Objectives

*  To detect anomalies in the accounts subject to monitoring according to the compliance unit and current norm.

*  To detect abnormalities in individual transactions and a series of transactions that together could be atypical over a period of time. 

*  To alert the Bank’s compliance unit and additional interested parties when an atypical situation is encountered.

*  To provide a visual alert which shows the threat level and records the actions taken by the personnel in charge.