R E G U L A T O R Y C O M P L I A N C E
Enabling Technologies for Financial Services
AMLInfo a CubeIQ Limited Division
Welcome to AMLInfo Web Site for Regulatory Compliance Technology - AML & Compliance Products and Services.
Smart-AML™ is an Anti-Money Laundering certified Plug-in on SWIFT Alliance Access (SAA) and for any other kind of financial transactions in stand alone configuration. Smart-AML™ is tracking down, screening nd filtering names in real time of SWIFT Transaction preventing any payment order, violating AML/CTF regulations and other sanctions, to be executed.
Regulatory Compliance and Fraud Detection.
Fraud detection is a major challenge facing financial institutions. Government regulations and laws administering economic sanctions on targeted foreign countries, narcotics traffickers and international terrorists change regularly. SwallowTech offers a comprehensive compliance program with OFAC regulations, Bank of England list, Consolidated UN & EU lists or internal bank institution lists (proprietary list, NCC…). This universal automated system meets the following goals:
- High search performance
- Compliance with international regulations (SDN lists)
- Easy integration of in-house specific deny and accept lists
- Minimizes the impact of the control process on operations
- Adaptable to changing bank requirements.
Integration in SWIFT Alliance Access or Stand-Alone Operation.
Smart-AML is fully integrated in the SWIFT Alliance Access platform to provide accurate OFAC filtering to all incoming and outgoing messages. An Alliance Development Kit Runtime license is also necessary for direct access to SWIFT Alliance Access. All message transfers can be implemented without any additional SWIFT Alliance Access feature installation.
Fraud Detection Process.
The fraudulent messages are blocked online with automatic warnings through Alliance Access queuing mechanisms and/or the system may supply a file with suspected transactions at the end of the day for operator review. Smart-AML provides sophisticated search and matching techniques based on different criteria such as:
- Word combinations
- Value dates
- Accounts with counterparties
taking into account synonyms, common words, punctuation, abbreviations, translations, prepositions, non-significant words, authorized names (excluded names to avoid confusion with true SDNs).
Smart-AML will retrieve all information pertinent to a possible match and minimize false positive rates.
Updating SDN Lists.
OFAC defines a Blocked Person or entity as a citizen of a blocked country or business owned and controlled by the government of a sanctioned country or territory. Sanctioned Designated Nationals (SDN) are blocked individuals and entities whatever the location, not just within a blocked country or territory. SDNs can be blocked because OFAC has determined they are affiliated with a government of a sanctioned country or are designated international narcotics traffickers or terrorists.
As OFAC data is constantly changing, UN consolidated, EU consolidated and other new lists become available on the market, Smart-AML provides for automatic update of existing SDN databases without changing our client specific data. Smart-AML offers the possibility to integrate proprietary lists (bad customers) to improve finding OFAC violations and filtering your business.
Security and Maintenance.
Smart-AML takes advantage of the SWIFT Alliance Access and Oracle security.
The standard product is delivered with a data dictionary and updated as required.
Interaction with Other SMART Modules.
A very important aspect of Smart-AML is its interaction with other SwallowTech’s Smart applications in real-time mode. Smart-AML can work along with Smart-DUP for combined filtering of duplicates and fraud detection.
User Friendly Process.
Although you can work through SWIFT Alliance Access, Queues and Menus to process the messages detected, we offer you a much more easy presentations and manipulation of the data.
One outstanding feature of the Smart product family is the follow-up option. Some transactions require follow-up, either internally or with your correspondents. Smart-FOL streamlines this process and means quicker response times assuring faster resolution of “problem” cases. Smart-FOL can generate internal memos, emails and SWIFT messages (MT995, MT999), using predefined texts in any language you choose, and will insert the transaction details into the chaser automatically. Additionally, an e-mail reply to a query e-mail or a reply by MT996 or 999 to a SWIFT Query is automatically integrated in the application and attached to the corresponding chaser. If Smart-AUT is installed then this attachment is done automatically.
Blocking messages will also result in event logging in the Alliance history of the message, which can be viewed through Alliance routines or the Smart-ARC long-term Alliance Journal query module.
Once the screening process is over, the application returns comprehensive easy-to-read search results to the authorized user.
- Suspected SWIFT messages in a limited period
- Transaction status (accepted, rejected, authorized)
- Search and matching parameters such as OFAC lists, private list
These reports can be subject to review as preferred by the bank.
Optional Modification of the Detection Parameters.
The administrator can customize the Data Dictionary covering message and field definitions and other parameters.
- Data dictionary: This table contains a dictionary with useful fields for each message type to consider for searching, to determinate whether a transaction is fraudulent or not.
- Other parameters: Application parameters, for example time period definition for fraud detection.
Standard tables, configured by SwallowTech, are delivered with the Smart-AML system. Updates are dispatched when SWIFT standards change as a part of the standard maintenance contract. User customized tables may be applied.