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East Timor’s Financial Institutions Face Anti-Money Laundering Risks Without Comprehensive Software Solutions, Warn Experts

A Growing Concern

Without a comprehensive Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program in place, East Timor’s financial institutions risk facing costly fines, legal battles, declining share value, and reputational damage.

The Importance of BSA/AML Compliance

The OneSumX Financial Crime Control suite offers a unique approach to BSA/AML solutions, combining cutting-edge technology with regulatory knowledge and consulting expertise. This holistic solution is tailored to the individual needs of institutions in the Asia-Pacific region.

Real-Time Monitoring and Threat Detection

Developed to provide real-time monitoring of organizations and their risks, the OneSumX for AML solution presents only real threats as they arise, allowing institutions to address those risks efficiently.

Automated BSA/AML Compliance Program

The software automates each facet of a BSA/AML compliance program, including:

• Customer identification
• Enhanced due diligence
• Suspicious activity detection
• Case investigation
• SAR filing

This eliminates manual processes, increases staff effectiveness, and decreases overall BSA/AML compliance risk.

Minimizing Money Laundering Risks

OneSumX for AML delivers the combined power of profiling and transactional analysis to East Timor’s financial institutions, minimizing money laundering risks and mitigating losses. The solution’s enhanced suspicious activity detection technology seamlessly integrates with its case management and automated SAR creation and filing tools, helping institutions efficiently fight money laundering.

Benefits of OneSumX for AML

The benefits of OneSumX for AML include:

• Time efficiency
• Resources efficiency
• Risk reduction

Significantly decreasing East Timor’s financial institutions’ overall BSA/AML compliance risk.