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VANUATU Financial Institutions Boost Compliance Efforts with BankiQ’s AML/CTF Software Solutions
In an effort to fortify their financial ecosystem and combat high-volume illicit transactions, VANUATU’s financial institutions are turning to BankiQ’s cutting-edge Anti-Money Laundering (AML) software solutions.
Intelligent Anti Money Laundering (IAML) Solution
BankiQ’s IAML solution is designed to identify suspicious transactions by monitoring customer behavior data, detecting unusual financial activities, and preventing money laundering. The solution features an intelligent AI-ML based AML system that includes pre-packaged STR rules as per FIU-RFI advisory and automated STR reporting capabilities.
“We understand the gravity of the situation,” said a BankiQ spokesperson. “That’s why we’ve developed an advanced AML platform that not only detects suspicious transactions but also streamlines compliance processes, reducing time and cost associated with manual operations.”
Key Features
The BankiQ IAML solution offers several key features:
- Customer risk scoring
- Name screening
- Real-time transaction monitoring and alerts
- Case management
- AML FIU-STR reporting
- Flexible and scalable design to adapt to unique needs
“BankiQ’s approach to AML involves a comprehensive onboarding process that includes KYC application, merchant screening, continuous monitoring, alerting, reporting, and regulatory adherence,” said the spokesperson. “Our goal is to empower VANUATU’s financial institutions with an advanced AML solution that prevents illicit activities, adheres to regulatory compliance, and improves their AML operations.”
Regular Updates
To address evolving threats in the financial landscape, BankiQ recommends regular updates to its AML software every 3-6 months. The company claims that its IAML solution learns through supervised learning and self-calibrates results, ensuring ongoing adaptability to emerging threats and regulatory changes.
FAQs
How does AML software contribute to regulatory compliance for banks?
BankiQ’s IAML solution significantly aids banks in compliance by automating identification, reporting, and management of suspicious transactions.
How can AML software assist in detecting and preventing money laundering activities?
An effective anti-money laundering software for banks detects and prevents money laundering activities by employing advanced algorithms and ML techniques to monitor and analyze customer transaction data in real-time.
How frequently should Banks/PA/PSP update their AML software to stay effective against evolving threats?
Banks, Payment Aggregators, and Payment Service Providers should regularly update their AML software, ideally every 3-6 months.