Wallis and Futuna Embraces Advanced AML Software Solutions to Strengthen Financial Sector
In a bid to bolster its anti-money laundering (AML) efforts, Wallis and Futuna has turned to cutting-edge software solutions to ensure the integrity of its financial system. Eastnets SafeWatch AML, a leading provider of AML software, has introduced a suite of innovative tools designed to detect and prevent illicit activities.
Customized Scenarios for Monitoring Unusual Behavior
One of the key features of Eastnets’ solution is its ability to offer ready-made or custom scenarios for monitoring unusual behavior and suspicious transactions. This allows financial institutions in Wallis and Futuna to tailor their risk-based behavior monitoring approach to suit their specific needs.
Benefits:
- Tailored risk-based behavior monitoring
- Ability to monitor unusual behavior and suspicious transactions
Risk Scoring and Customization
Risk scoring can be linked to customers, accounts, and transactions, providing a more precise risk monitoring solution. Financial institutions can also customize their monitoring and investigation workflow as needed, ensuring that any changes to their compliance structure and policies are seamlessly integrated into the system.
Benefits:
- Precise risk monitoring
- Ability to customize monitoring and investigation workflow
Robust Reporting Capabilities
The Eastnets SafeWatch AML solution also boasts robust reporting capabilities, generating standard or custom reports that meet the requirements of regulatory and auditing bodies.
Benefits:
- Standard or custom reports
- Compliance with regulatory and auditing body requirements
AI-Driven Transaction and Relationship Analytics
At the forefront of AML innovation is Eastnets’ AI-driven transaction and relationship analytics. This feature leverages a library of bespoke AI models to monitor historic transactions and social relationships between accounts, generating an AI-driven risk score to identify customer accounts with anomalous behaviors for further investigation.
Benefits:
- AI-driven risk scoring
- Identification of customer accounts with anomalous behavior
AI-Driven False Positive Reduction Capabilities
To minimize false positives, Eastnets has incorporated AI-driven false positive reduction capabilities into its solution. Unsupervised bespoke AI models aid in refining AML rules, recommending thresholds to support calibration and optimization of the system.
Benefits:
- Minimization of false positives
- Optimization of AML rules
Network Investigation Analytics
In addition, the network investigation analytics feature provides investigators with a dynamic interface to view suspicious transactions/relationship recommendations created from AI models and social interactions. This graphical format enables financial institutions in Wallis and Futuna to quickly identify potential threats and take prompt action.
Benefits:
- Dynamic interface for viewing suspicious transactions
- Quick identification of potential threats
Conclusion
With Eastnets SafeWatch AML, financial institutions in Wallis and Futuna can rest assured that their AML efforts are supported by a cutting-edge solution designed to detect and prevent illicit activities. By leveraging AI-driven analytics and risk-based monitoring, these institutions can effectively manage risk and maintain the integrity of their financial systems.