Financial Crime World

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Iraq Banks Turn to Cutting-Edge Anti-Money Laundering Software Solutions

In an effort to combat money laundering and ensure compliance with regulatory requirements, Iraqi banks are increasingly relying on advanced anti-money laundering (AML) software solutions. One such solution is BANKiQ’s Intelligent AML (IAML), which offers a comprehensive suite of features designed to detect and prevent suspicious transactions.

The Importance of AML Solutions

Money laundering is a significant threat to financial institutions worldwide, with estimates suggesting that up to USD 2 trillion is laundered annually. In Iraq, the financial sector faces unique challenges in detecting and preventing money laundering, including the need to navigate complex regulatory requirements and rising volumes of suspicious transactions.

BANKiQ’s IAML Solution

BANKiQ’s IAML solution leverages advanced AI-ML technology to monitor customer behavior data and detect unusual financial activities. The solution includes a range of essential features:

  • Customer Risk Scoring: Monitor your customers with ease.
  • Name Screening: Say goodbye to compliance risks.
  • Real-time Transaction Monitoring/ Alerts: Stay vigilant and proactive.
  • Case Management: Organize and manage investigations efficiently.
  • AML FIU – STR Reporting: Simplify compliance and regulatory reporting.

Why Choose BANKiQ?

BANKiQ’s IAML solution is designed to safeguard financial institutions against the complexities of modern day money laundering. With advanced technology and a robust, scalable architecture, the solution enables fully autonomous cognitive applications to support anti-money laundering endeavors.

Businesses Served

  • Issuers
  • Acquirers
  • Fintechs
  • Payment Aggregators
  • Payment Gateway Providers
  • Merchant Fintechs

BANKiQ’s Approach to AML

Our approach includes:

  • KYC application
  • Continuous monitoring
  • Merchant screening
  • Alerting, reporting, and regulatory adherence
  • ID issuing

Securing Transactions and Ensuring Compliance

BANKiQ’s IAML solution offers a range of benefits, including:

  • 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 with BANKiQ’s solutions team to discuss your fraud prevention strategy.

FAQs

  1. 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.
  2. 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.
  3. How frequently should Banks/PA/PSUs 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 to 6 months.

By leveraging BANKiQ’s IAML solution, Iraqi banks can effectively combat money laundering and ensure compliance with regulatory requirements.