Nova Information Technology

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Smart AML Compliance Solution

– ComplyScanner

Nova Information Technology

Nova IT is a one-stop solution for all digital and technological needs. Over the years, firms have relied on manual management of data, customer experience and traditional marketing. With the advancement of consumer demands and feasible access to technology, companies have been at silent wars with the struggle of recreating the front-end experience, cost optimization, and enhancing their system efficiency. Nova IT has stepped up for firms across the globe to be their Technology Partner by rebuilding their processes through automation and leveraging the latest technologies to create a new experience for their customers. As an enterprise tech solutions partner, Nova has created, designed, integrated, and upgraded the internal and external systems for global firms.

About Nova

The team at Nova IT constitutes a group of highly skilled individuals with various relevant expertise that builds a cohesive and efficient unit. Our in-house coders, designers, and developers are backed by the collaborative knowledge of members who are actively involved in fields such as accounting, audit, and taxation, compliance, risk, and governance, business strategy advisory, sustainability and responsible business sourcing, as well as cyber security and tech solutions. This internal network of accomplished specialists and their understanding of industry needs enables Nova IT to develop comprehensive, holistic, breakthrough digital solutions that cater to the individual needs of each client.

What is an AML Compliance Software?
  • To prevent fraud and money laundering, the financial sector needs AML compliance software.
  • It assists companies in identifying and avoiding interactions with people or groups engaged in questionable financial practices.
  • Financial transactions are scanned and analyzed by AML software, which then flags potentially suspicious activity.
  • It makes sure companies follow legal requirements like the Bank Secrecy Act.
  • AML software is essential for preserving a company’s financial stability and good name in the marketplace.
How does AML Compliance Software Function?
  • Financial organizations must use AML compliance software to combat illegal financial activity.
  • Large volumes of transactional data are analyzed for suspicious patterns and anomalies connected to money laundering via an integration of multiple data sources.
  • ‘Know Your Customer’ (KYC) capabilities, which confirms customer identities and looks for matches on global watchlists, is a key feature.
  • Customers are classified by the program as low, medium, or high risk, which affects the amount of due diligence needed.
  • High-risk profiles start the extended due diligence (EDD) phase, which necessitates more thorough investigation.
  • Continuous monitoring of consumer transactions enables fast detection of unusual or suspected activity for investigation.
  • Machine learning is used in AML software to increase predictive accuracy, bolster a user’s defense against financial crimes, and ensure regulatory compliance.

Pain Points in AML Compliance

Manual Process

Traditional compliance procedures rely heavily on individual’s efforts, are ineffective, and are subject to inspection, making it challenging to adapt to changing requirements.

Time Consuming

Businesses are being forced to spend too much time on compliance due to changing rules, which takes time away from their core operations and puts potential revenue at risk.

Information Extraction

The increased data volume for compliance processing can cause delays, make it difficult to meet compliance deadlines, and expose the company to dangers as firms grow and transaction traffic rises.

Data Privacy & Security

Protecting data privacy and security is essential in the digital age. Compliance regulations place strict limits on data storage, access, and transmission to prevent breaches and guarantee that only authorized staff has access.

Complex Transaction & Mapping

Particularly in cross-border or multifaceted business circumstances, legacy systems may incorrectly manage complicated transaction data, which could result in inaccurate reporting, penalties, and harm to a company’s reputation.

KYC and Identity Verification

Verifying client identities is essential for compliance in many industries, including finance, and it has become more crucial as a because of worries about identity fraud. Accurate and thorough verification of both individuals and corporations is required.

Data Overload

Growing firms struggle to maintain compliance standards for their massive data, and human inspections frequently miss violations or oversights because of the volume of data.

Evolving Regulatory Landscape

Regulations vary because of societal changes and technological advancements, requiring firms to constantly monitor, interpret, and react to new rules, which is especially difficult when operating in varied regulatory environments.

Complex Documentation

Compliance necessitates not just rule following but also considerable paperwork, such as client communication logs, transaction records, and audit reports, which can be difficult to manage if not systematized.

Human Error

Despite excellent intentions and training, human fallibility in manual compliance procedures introduces risks like as data entry errors, important information oversights, and regulation misinterpretation, which can have catastrophic implications.

Regular Audits

Audits, essential for assessing compliance, can be time consuming and disruptive, involving data review, accuracy checks, and data presentation..


Regular reporting to stakeholders, including as regulatory authorities and shareholders, is a continuous process that necessitates accurate, timely, and thorough reports that reflect the organization’s compliance status.

Compliance Gap in the DNFBP Sector
The DNFBP Challenge

In contrast to the personalized solutions supplied to traditional banks, the DNFBP sector, which includes diverse professions, has particular compliance demands that are frequently unmet by one-size-fits-all technologies.

The Comply Scanner Solution

Comply Scanner’s software is designed specially for DNFBPs and is compliant with the UAE’s stringent compliance rules, assisting firms in adhering to local laws and streamlining their operations in a Middle Eastern business hub.

Expanding Horizons – VASPs and FIs

Comply Scanner is expanding is services to include customized versions for Virtual Asset Service Providers (VASPs) and traditional Financial Institutions (FIs), with the goal of providing the same efficiency as the DNFBP industry.

In Conclusion

Comply Scanner is dedicated to being the market leader in compliance software by addressing industry gaps, with an emphasis on the DNFBP sector in the UAE, and expanding its services to VASPs and FIs, presenting itself as a critical compliance tool.

Comply Scanner addresses a previously unmet demand in compliance solutions by providing a
tailored solution for the DNFBP (Designated Non-Financial Businesses and Professions) sector.

Next Gen Compliance Solution

Automated Data Analysis
Real-time regulatory Updates
Smart Documentation Management
Audit-Ready Reports
Global Compliance Database
Secure Data Handling
Intuitive Dashboard
Enhanced Transaction Monitoring
Integrated KYC and Identity Verification
AML Compliance Solution – ComplyScanner
Ensuring AML Compliance with ComplyScanner

ComplyScanner performs in-depth AML risk analysis by screening clients, business partners, and the supply chain against watchlists, PEP registers, and current news sources.

  • Cutting Edge Machine Learning: ComplyScanner processes structured and unstructured data in several languages using cutting-edge machine
  • Comply Scanner AI Risk Mapping: ComplyScanner’s AI Risk Maps give dynamic, real-time client risk profiles that provide a comprehensive perspective of their possible risks.
  • Elite-Level Security Protocols: ComplyScanner provides high-level security and customizable data access choices to safeguard and meet your operating requirements.
  • Continuous Compliance Monitoring: ComplyScanner speeds up client onboarding and provides continual monitoring, bolstering AML compliance efforts.
Compliance Scanner’s Screening Capabilities

ComplyScanner offers advanced sanctions screening in a dynamic risk

  • Global List Integration: For thorough inspections, includes
    sanctions lists from the UK, EU, US OFAC, and AUSTRAC.
  • Ongoing Monitoring: Instant insights and real-time data for quick decision-making.
  • Proactive Alerts: Immediate notifications for potential matches, ensuring consistent compliance.

CDD Process Flow

Know Your Customer
Sanction & Adverse
Media Scanning
Customer Risk Assessment
Enhanced Due Diligence
Ongoing Monitoring

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