Financial Crime World

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Peru’s Financial Institutions Battle Money Laundering with Advanced Software Solutions

In a bid to combat money laundering in Peru, financial institutions are turning to advanced software solutions that leverage artificial intelligence (AI) and machine learning (ML) to identify suspicious transactions and prevent illicit activities.

According to estimates, up to 2 trillion dollars is laundered annually globally, with only 1% intercepted by authorities. Financial institutions require Anti-Money Laundering (AML) solutions to prevent illicit transactions, avoid penalties, and meet regulatory standards.

BANKiQ’s Intelligent Anti Money Laundering (IAML) Solution

BANKiQ’s IAML solution is designed to fortify financial ecosystems against high-volume illicit transactions while navigating regulatory obligations seamlessly. The IAML software provides real-time transaction monitoring, customer risk scoring, name screening, case management, and AML FIU-STR reporting capabilities.

Key Features of BANKiQ’s IAML Solution

  • Customer Risk Scoring: Monitor customers with ease by evaluating their transaction behavior and profiles to prioritize detection and compliance efforts effectively.
  • Name Screening: Cross-reference customers against watchlists, sanction lists, and other red flags to avoid high-risk entities.
  • Real-time Transaction Monitoring/Alerts: Continuously scan for suspicious transaction patterns and instantly alert potential money laundering activities for timely interventions.
  • Case Management: Organize and manage investigations into suspicious activities efficiently with resolutions and reporting features.
  • AML FIU-STR Reporting: Automate the preparation and submission of STRs to FIUs, ensuring strict adherence to regulatory requirements.

Benefits of Choosing BANKiQ’s IAML Solution

  • Advanced, intelligent AML solution designed to safeguard operations against modern-day money laundering tactics.
  • Robust, scalable, and adaptable solution ready to combat evolving financial crimes.
  • Empowers financial services with a comprehensive approach to preventing illicit activities and adhering to regulatory compliance.

Businesses We Serve

BANKiQ’s IAML solution is designed for Issuers, Acquirers, Payment Service Providers, and Financial Institutions in Peru seeking to enhance their AML capabilities and ensure compliance with regulations.

Get Started Today

Schedule a demo and discuss your fraud prevention strategy with our solutions team. Our experts will guide you through the implementation process and help you leverage the benefits of BANKiQ’s IAML solution.

FAQs

  • How does AML software contribute to regulatory compliance for banks?: BANKiQ’s IAML significantly aids banks in compliance by automating identification, reporting, and management of suspicious transactions.
  • How can AML software assist in detecting and preventing money laundering activities?: An effective anti-money laundering software for banks employs advanced algorithms and ML techniques to monitor and analyze customer transaction data in real time.
  • How frequently should Banks/PA/PSP 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.