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Combat Money Laundering in the United States Minor Outlying Islands with BANKiQ’s Intelligent Anti-Money Laundering Solution

As financial institutions operating in the United States Minor Outlying Islands, it is crucial to leverage advanced technology to prevent money laundering and ensure regulatory compliance. BANKiQ’s Intelligent Anti-Money Laundering (IAML) solution provides a robust platform for detecting suspicious transactions and identifying high-risk customers.

Why Do Financial Institutions Require Anti-Money Laundering Solutions?

The global financial system loses an estimated 2-5% of its GDP, or up to USD 2 trillion annually, to money laundering. Only 1% is recovered, making it a significant threat to the stability and security of the financial system. BANKiQ’s IAML solution helps banks in the United States Minor Outlying Islands detect and prevent money laundering activities by employing advanced algorithms and machine learning techniques.

BANKiQ’s IAML Solution: A Comprehensive Approach

The IAML solution provides a comprehensive approach to anti-money laundering, encompassing four key stages:

KYC Application

BANKiQ’s IAML solution initiates customer onboarding by verifying customer identity and assessing potential risks of illegal intentions.

Merchant Screening

After KYC setup, the solution runs customers through a due diligence process to identify high-risk customers, delving into deeper investigation into transaction histories and financial activities.

ID Issuing

Once screening is satisfactory, the financial institution can formalize the customer relationship, enabling them to conduct transactions.

Continuous Monitoring

BANKiQ’s IAML solution constantly monitors transactions to detect and flag suspicious activity that could indicate money laundering.

Benefits of BANKiQ’s IAML Solution

The IAML solution offers several benefits, including:

Pre-Defined Regulatory Compliance Rules

The solution ensures compliance with regulatory requirements such as the Bank Secrecy Act (BSA), Know Your Customer (KYC), and counter-terrorist financing (CTF).

Flexible Deployment Capabilities

BANKiQ’s IAML solution can be deployed on-premise or through cloud hosting, offering scalability and flexibility.

Advanced Cognitive and Analytical Capabilities

The solution employs advanced algorithms and machine learning techniques to analyze customer transaction data in real-time.

Data-Agnostic Integration

The IAML solution seamlessly integrates with external data sources, providing a comprehensive view of customer activity.

Get Started Today

Schedule a demo and discuss your fraud prevention strategy with our solutions team to learn more about how BANKiQ’s IAML solution can help you combat money laundering in the United States Minor Outlying Islands.