Financial Crime World

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Sudan’s Financial Institutions Embrace AML Solutions to Combat Money Laundering

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The Need for AML Solutions in Sudan

Khartoum, Sudan - In a bid to prevent illicit financial transactions and maintain compliance with international regulations, Sudan’s financial institutions are increasingly adopting Advanced Money Laundering (AML) software solutions.

The country’s financial sector is vulnerable to money laundering due to its strategic location in the Horn of Africa. According to estimates, up to 2% of global GDP, or around $200 billion, is laundered annually through Sudanese banks. With AML software for banks, institutions can prevent illicit transactions and avoid penalties.

BankiQ Leads the Charge in AML Solutions

BANKiQ, a leading provider of AI-powered AML solutions, has partnered with several financial institutions in Sudan to implement its Intelligent Anti Money Laundering (IAML) software. The solution enables banks to monitor customer behavior and transactions in real-time, identifying potential red flags and alerting authorities for further investigation.

Key Features of BankiQ’s IAML Solution

  • Customer Risk Scoring: Evaluates customers based on transaction behavior and profiles.
  • Name Screening: Cross-references customers against watchlists and sanction lists.
  • Real-time Transaction Monitoring/ Alerts: Continuously scans transactions for suspicious patterns.
  • Case Management: Organizes and manages investigations into suspicious activities.
  • AML FIU – STR Reporting: Automates the preparation and submission of Suspicious Transaction Reports (STRs).

Benefits of BankiQ’s IAML Solution

  • Pre-defined Regulatory Compliance Rules: Ensures adherence to international regulations.
  • Flexible Deployment capabilities: Can be deployed on-premise or in the cloud.
  • Advanced Cognitive and Analytical Capabilities: Employs AI-powered algorithms to detect suspicious activity.

Getting Started with AML Solutions in Sudan

Financial institutions in Sudan can schedule a demo with BANKiQ’s solutions team to discuss their fraud prevention strategy. By adopting AI-powered AML solutions, financial institutions can protect themselves from money laundering and ensure compliance with international regulations.