Financial Crime World

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Ethiopia’s Financial Institutions Faced with Growing Threat of Money Laundering

Addis Ababa - The Ethiopian financial sector is facing an increasingly sophisticated threat from money laundering activities, posing a significant risk to the country’s economic stability. In response, financial institutions are turning to advanced software solutions to prevent and detect illicit transactions.

Combatting Money Laundering with BANKiQ Solutions

Intelligent Anti-Money Laundering (IAML) Software

One such solution is BANKiQ’s Intelligent Anti-Money Laundering (IAML) software, designed to help financial institutions identify suspicious transactions by monitoring customer behavior data. With its AI-ML based AML solution and pre-packaged STR rules as per FIU - RFI advisory, IAML enables banks to prevent money laundering and speed up compliance processes.

Why Financial Institutions Require Anti-Money Laundering Solutions

  • Estimated $2 trillion in laundered funds annually: Only 1% gets intercepted by authorities, making it essential for financial institutions to have intelligent AML solutions in place.
  • Global economic instability: Money laundering poses a significant risk to the country’s economic stability.

Essential Features of BANKiQ’s IAML Solution

  • Customer Risk Scoring: evaluates customer risk based on transaction behavior and profiles
  • Name Screening: cross-references customers against watchlists and sanction lists to identify high-risk entities
  • Real-time Transaction Monitoring/ Alerts: continuously scans for suspicious transaction patterns and alerts potential money laundering activities
  • Case Management: organizes and manages investigations into suspicious activities
  • AML FIU - STR Reporting: automates the preparation and submission of STRs to FIUs, ensuring strict adherence to regulatory requirements

Why Choose BANKiQ?

BANKiQ offers an advanced, intelligent Anti-Money Laundering (IAML) solution designed to safeguard financial institutions against modern-day money laundering. With its robust, scalable, and adaptable AML solution, BANKiQ is leading the way in AML initiatives.

Securing Transactions and Ensuring Compliance: BANKIQ’s Robust AML Solution

Deployable on-premise or cloud hosting

BANKiQ’s IAML solution can be deployed on-premise or through cloud hosting, offering flexibility and scalability. With its pre-defined regulatory compliance rules and advanced cognitive and analytical capabilities, IAML ensures seamless external data extraction and integration.

Get Started Today

Schedule a demo with BANKiQ’s solutions team to discuss your fraud prevention strategy and learn how their AML software can contribute to regulatory compliance for banks.