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Anti-Money Laundering

Auditing the AML Compliance Program eGRC

Regulatory pressures to combat money laundering and terrorist financing intensify with every passing day at an unprecedented rate. Due to the nature of products and services offered by the obliged institutions, detecting and preventing financial crime is becoming increasingly complex. Compliance professionals are thus looking for better and more cost-effective strategies. With a customer-centric focus, eGRC help provides the DNFBP sectors with solutions to address these specific challenges.

Know Your Customer (KYC)

Obliged institutions are on the front line against financial crime. Governments and regulatory bodies require extensive due diligence on the part of these institutions to know their customers and associates. KYC standards apply not only to new customers but also to existing customers. A comprehensive KYC solution can help you streamline the process of monitoring customers efficiently and cost-effectively. 

eGRC KYC helps Institutions identify, verify and monitor their customers in real-time. This automated system seizes, organizes, and stores customer information and assesses the risk associated with a customer account using risk scoring methodology. The solution is flexible, adaptable, and customizable. The results are provided in real-time and protect against unwanted risk and exposure, and they ensure compliance with money laundering and terrorist financing directives.

Watch List /Sanctions Screening

eGRC Filtering is a web-based solution composed of a series of tools for AML detection in real-time and batch mode. With a highly-sophisticated matching engine, eGRC Filtering can be customized to your institution’s specific Screening appetite. Having a single detection point helps compliance officers and auditors to have only one interface where alerts from all sources are concentrated.

Transaction Monitoring

eGRC TMS algorithms are designed to analyze and generate meaningful alerts on customer anomalous or suspicious activity. It provides a robust, effective, user-friendly transaction and customer monitoring solution that is configurable and flexible to adapt to new risks and regulations.

 

eGRC Customer Profiling is supported by the customer onboarding, transactions, and rules violation risk rating. In addition, customer profiling generates accurate residual risk ratings of customers. The results can be easily incorporated into the overall results of EWRA. 

Insourcing of AML Compliance Department

Appointing eGRC as your outsourcing partner will assist you to have:

  1. Appointment of compliance officer/Money laundering Reporting officer.
  2. A full review and maintenance of your AML Compliance Policies, procedures and systems, and controls, including providing the mandatory training.
  3. Mandatory periodic and suspicious transaction reporting.
  4. KYC, Sanctions and PEP screening, and Customer Risk Assessment.
  5. Segregation of responsibilities, oversight, audit controls, corporate governance, and management reporting.
  6. A comprehensive review of your financial crime prevention framework and remediation of any gaps or weaknesses to prepare you for regulatory visits.
  7. The provision of training ensures that your employees are adhering to obligations and remain compliant with regulatory requirements.
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To enquire about insourcing AML Compliance Department you can contact us

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