The Sword of Damocles hangs on financial institutions due to Money Laundering and Fraud - Banks, Insurance Companies, Investment Houses are the first targets. The issues facing the financial institutions today are:
Conforming to Know Your Customer (KYC) and Enhanced Due Diligence (EDD) regulatory requirements
Compliance with AML Reporting Requirements
Ensuring high quality of customers
The challenge is to find a flexible and a user-friendly solution to address the concerns.
KASTLE Anti Money Laundering (formerly BankAlert) is designed as a state-of-the-art Anti-Money Laundering and Fraud Detection solution, encompassing detection, monitoring and investigation. Its powerful combination of anti fraud, anti money laundering and business intelligence utilities, strengthened by the practicality of approach, positions KASTLE Anti Money Laundering as a formidable force among its competitors.
The solution offers robust analytics in the Know Your Customer and Transaction Analysis segments. The prime features offered in Customer Analytics are:
- Customer Profiling - Creating profiles of normal behavior
- Multi-dimensional analysis of customers across products, accounts owned, instruments used and transactions
- Customer Risk Assessment and categorization into risk levels
- BlackList / WatchList Screening
- Graphical Relationship Analysis and Account Collusion Matrix - Discovering inter-customer relationships based on reference and transaction information
- Discovery of suspicious patterns in transactions including SWIFT remittances
- Compliance Reporting - Custom reports as well as those prescribed by the Regulatory Authority
- Visual Event Response Builder (VERB) - KASTLE Anti Money Laundering rules engine designed to empower the user with the rule-creation ability, thus meeting new demands
- Alert and Case-Investigation Management - A comprehensive process intended to help users accomplish the task of "assignment, analysis and closure" in the most effective way
Advanced versions of KASTLE Anti Money Laundering use Neural Networks for pattern recognition of suspicious transactions.