The challenges faced by financial institutions (FIs) regarding money laundering activities have increased substantially in the globalization era. Additionally, there is the rising menace of terrorism financing and counterfeiting. As money launderers become more sophisticated, the effectiveness of Anti-Money Laundering (AML) policies is under heightened regulatory scrutiny. Probability of banks facing rigid penalties and reputation loss in case of shortcomings in AML management have increased.
AMLOCKTM is ideally positioned to help FIs and other organizations subject to compliance requirements. It is compliant with all the relevant KYC, transaction monitoring and regulatory reporting requirements and assists banks in proactively detecting and managing money laundering transactions.