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Combat Money Laundering in Saint Helena with BANKiQ’s Intelligent Anti-Money Laundering (IAML) Software Solutions
Saint Helena, a British Overseas Territory, is not immune to the growing threat of money laundering. The territory’s financial institutions must be equipped with robust anti-money laundering (AML) solutions to prevent illicit transactions and ensure regulatory compliance.
Why Do Financial Institutions Require AML Solutions?
Money laundering is a significant threat to the global financial system, with estimated losses of over $2 trillion annually. In Saint Helena, the lack of robust AML measures can lead to reputational damage, loss of customer trust, and even criminal charges.
How Does BANKiQ’s IAML Solution Combat Money Laundering?
Our IAML solution uses advanced algorithms and machine learning techniques to monitor and analyze customer transaction data in real-time. It flags patterns and anomalies indicative of suspicious behavior, such as:
- Rapid movement of funds
- Unusually large transactions
- etc.
These are indicative of laundering activity.
The solution also performs:
- Merchant screening
- Risk assessment
- Screening against watchlists
to generate alerts for further investigation. This proactive approach enables financial institutions to prevent money laundering activities and ensure regulatory compliance.
Deployment Options
BANKiQ’s IAML solution is available in two deployment options:
- On-Premise: Provides tailored security and control within your IT environment, ensuring data stays within your infrastructure.
- Cloud Hosting: Offers scalable and flexible solutions with reduced IT overhead, providing accessibility from anywhere, anytime.
Benefits of BANKiQ’s IAML Solution
- Pre-defined regulatory compliance rules
- Flexible deployment capabilities
- Advanced cognitive and analytical capabilities
- Data-agnostic integration
- Seamless external data extraction
Get Started Today
Schedule a demo and discuss your fraud prevention strategy with our solutions team.