Smart AML Compliance

AKW Consultants revolutionise regulatory efficiency and seamlessly integrate AML and compliance processes with Smart AML Compliance software.

Smart AML Compliance

In the rapidly evolving financial world, Anti-Money Laundering (AML) compliance software become an indispensable tool for businesses to identify, combat, and prevent fraudulent financial activities.

What is an AML Compliance Software?

AML software is essential for preserving a company’s financial stability and good name in the market. 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 analysed by the AML software, which then flags potentially suspicious activity. It ensures that companies follow legal requirements, such as the Bank Secrecy Act.

Features

Automated Data Analysis

Real-Time Regulatory

Smart Document Management

Audit-Ready Reports

Global Compliance Database

Secure Data Handling

Enhanced Transaction Monitoring

Integrated KYC & Identity Verification

Customer Due Diligence

Customer Due Diligence (CDD) involves verifying the identity of clients and assessing their risk profiles. Smart AML Compliance streamlines CDD with a highly adaptable KYC process.

Identity Verification

Implements robust tools for verifying client identities, including document verification and biometric checks.

Document Management

Facilitates the collection, verification, and storage of necessary client documents in a secure and organised manner.

Global/Local Presets

Simplifies the process of gathering customer information to comply with both local and global regulatory standards.

Customisable Fields

Allows for the inclusion of additional data fields to capture more comprehensive customer information.

Compliance Reporting

Generates detailed reports on CDD processes and findings for internal audits and regulatory compliance.

UBO Screening

Ultimate Beneficial Owner (UBO) Screening is a vital process in compliance, aimed at uncovering and verifying the identities of individuals who ultimately own or control a business entity. This process is enhanced by several key features.

UBO Tree Generation

Efficiently creates a visual representation of the ownership structure, clearly illustrating the relationships and proportions of ownership.

Nested Hierarchies

Identifies and displays complex ownership layers, helping to reveal indirect control or ownership through multiple levels.

Screening of all UBO Nodes

Thoroughly examines each entity and individual within the ownership tree, ensuring comprehensive scrutiny and compliance with regulatory requirements.

Continuous Monitoring

Regularly updates and monitors changes in UBO structures, keeping the compliance data current and relevant.

Risk Flagging

Automatically flags high-risk UBOs based on predefined criteria, aiding in proactive risk management.

Sanctions/PEP Screening

Sanctions Screening is designed to ensure that organisations are not inadvertently doing business with entities or individuals subject to various sanctions. Smart AML Compliance helps with the following.

Customisable Sanctions List

Allows organisations to tailor the list of sanctions they screen against, ensuring relevance to their specific industry and geographic focus.

Continuous Monitoring

Provides ongoing surveillance of transactions and business relationships, ensuring real-time detection of any exposure to sanctioned entities or individuals.

Real-Time Alerts

Instantly notifies compliance teams of any potential matches, enabling swift assessment and action.

Cross-Jurisdictional Coverage

Includes sanctions lists from various countries and international bodies, ensuring comprehensive compliance across different legal frameworks.

Politically Exposed Persons (PEP) Screening

Identifies and applies enhanced scrutiny to individuals who are or have been involved in prominent public functions, and their family members and close associates.

Enhanced Due Diligence

Enhanced Due Diligence (EDD) is a comprehensive and intensified process, employed in high-risk scenarios to provide deeper insight into potential risks. This advanced level of due diligence is critical in financial compliance, especially for clients presenting higher risk factors. Key features of EDD include.

In-Depth Background Checks

Conducts thorough investigations into a client’s background, business relationships, and the nature of their transactions to identify potential risks.

High-Risk Country Analysis

Special focus on clients with connections to countries known for higher risks of corruption, CAHRA, money laundering, or terrorism financing.

Source of Wealth Verification

Scrutinises the origins of a client’s wealth, ensuring it is derived from legitimate sources.

Ongoing Monitoring and Review

Maintains continuous vigilance over high-risk clients, regularly reviewing their activities for any suspicious changes.

Client Risk Rating

Risk Rating Generation is a crucial component in the realm of financial compliance, focused on assessing and quantifying the risk associated with each client. This process is reinforced with the following features.

Automated Risk Scoring

Utilises algorithms to assign risk scores to clients based on various parameters, ensuring a consistent and objective risk assessment.

Customisable Criteria

Allows institutions to define and adjust the criteria used in risk scoring to align with their specific risk appetite and regulatory requirements.

Dynamic Reassessment

Periodically re-evaluates client risk ratings to capture any changes in their profile or risk factors, ensuring that the ratings remain accurate over time.

Integrated Red Flag Indicators

Incorporates indicators of potentially suspicious activity, automatically adjusting risk ratings in response to red flags.

Compliance Alignment

Ensures that risk ratings are in line with local and international compliance standards, aiding in regulatory adherence and reporting.

Client Profile Generation

Customer Profile Generation post-onboarding through CDD, EDD, and Risk Scoring is a comprehensive process that creates a detailed and dynamic portrait of each customer. This detailed profiling is essential for ongoing risk management and compliance monitoring. Key features of this process include.

Consolidated Risk Profile

Integrates data from CDD, EDD, and Risk Scoring to form a complete risk profile of the customer, highlighting key risk factors and areas of concern.

Document and Information Repository

Collects and stores all relevant documents, identification information, and due diligence findings in a centralised location for easy access and review.

Compliance Status Updates

Regularly updates the customer’s profile with information on their compliance status, including any red flags or compliance breaches.

PEP and Sanction List Screening

Continuously screens against PEP and sanction lists to ensure the customer’s status and flags any emerging concerns.

Custom Alerts and Notifications

Sets up customised alerts to notify compliance teams of significant changes in the customer’s risk profile or activities.

Adverse Media Screening

Negative News Analysis, also known as Adverse Media Screening, identifies potentially damaging information about individuals or entities. This process plays a key role in assessing reputational risks and uncovering hidden threats. Key features of Negative News Analysis include.

Real-Time Media Monitoring

Continuously scans a wide range of media sources, including news websites, blogs, and social media, to capture real-time information on clients.

Global Coverage

Offers comprehensive screening by covering media sources from multiple countries and in various languages, ensuring a global perspective on potential risks.

Automated Sentiment Analysis

Employs advanced algorithms to assess the tone and context of news items, helping to distinguish between neutral mentions and genuinely adverse media.

Customisable Search Parameters

Allows institutions to tailor search criteria based on specific risk policies and client profiles, ensuring relevant and targeted screening.

Integration with Risk Scoring

Incorporates findings from adverse media screening into the overall risk assessment and scoring of the client.

Regulatory Change Management

With Regulatory Change Management, the software is designed to navigate and adapt to the evolving landscape of financial regulations. This feature ensures that institutions remain compliant with current legal requirements. Key aspects of Regulatory Change Management include.

Automated Regulation Updates

Automatically updates the system with the latest regulatory changes from around the globe, ensuring the institution remains compliant with current laws and standards.

Regulatory News Feed

Integrates a real-time feed of regulatory news and updates, ensuring that compliance teams are informed about the latest developments.

Compliance Calendar

Features a calendar tracking regulatory deadlines and implementation dates, aiding in timely compliance and planning.

Regulatory Reporting Templates

Offers pre-built templates for various regulatory reports, simplifying the reporting process and ensuring accuracy.

Cross-Jurisdictional Compliance Support

Supports compliance with regulations across multiple jurisdictions, crucial for institutions operating internationally.

Audit Trail of Changes

Maintains a detailed audit trail of all changes made in response to regulatory updates, ensuring transparency and accountability.

Data Security

Data Security and Privacy in the compliance software ensures the protection of sensitive information and adherence to global data protection regulations. This feature is crucial for maintaining the confidentiality and integrity of client data. Key aspects of Data Security and Privacy Compliance include.

Encryption of Sensitive Data

Utilises strong encryption methods to secure sensitive data, both in transit and at rest, protecting against unauthorised access and data breaches.

Compliance with Global Regulations

Aligns with international data protection laws like GDPR, HIPAA, and others, ensuring that the software meets various jurisdictional requirements for data privacy.

Access Control and Authentication

Implements robust access controls and authentication mechanisms to ensure that only authorised personnel can access sensitive information.

Data Anonymisation and Masking

Provides options for anonymising and masking personal data, particularly useful in scenarios where data needs to be used for analysis or testing without revealing identifying details.

Data Breach Notification Protocols

Includes protocols for prompt notification in the event of a data breach, in compliance with regulatory requirements for timely reporting.

Data Retention and Deletion Policies

Enforces data retention policies and provides mechanisms for the secure deletion of data in accordance with legal and regulatory guidelines.

Dashboard and Reporting

The Compliance Dashboard and Reporting feature in compliance software provides a centralised, real-time overview of an organisation’s compliance status, essential for effective management and reporting. Key aspects include.

Real-Time Compliance Monitoring

Displays up-to-date compliance metrics and statuses, allowing for immediate awareness and response to issues.

Interactive Reporting Tools

Offers customisable reporting tools for creating comprehensive compliance reports, suitable for both internal analysis and regulatory submissions.

Visual Analytics

Utilises graphs, charts, and heat maps to visually represent compliance data, making it easier to identify trends and areas of concern.

Automated Alerts

Generates automatic alerts for compliance deadlines, anomalies, or breaches, ensuring prompt attention to critical issues.

Historical Data Access

Provides access to historical compliance data for trend analysis and auditing purposes.

Role-Based Access Control

Ensures that staff members can access only the compliance information relevant to their roles, maintaining data security and integrity.

Our Team

Michael Wharton
Michael Wharton

Director

Michael is the Director of Business Development and Growth at AKW Consultants and a seasoned professional with a remarkable career that spans diverse industries. Since the inception of the company, he has played a …

Michael Wharton

Director

Michael is the Director of Business Development and Growth at AKW Consultants and a seasoned professional with a remarkable career that spans diverse industries. Since the inception of the company, he has played a pivotal role in driving AKW Consultants’ success and fostering its growth in the United Arab Emirates and across GCC countries.

He has co-founded several successful startups including a tech startup, where he applied his analytical prowess to solve complex business problems, and an educational consultancy catering to the needs of students seeking quality global education.

In addition to his work at AKW, Michael has contributed to scientific research as an Associate Researcher at the International Atomic Energy Agency (IAEA) and published several papers.

Michael has studied at top universities such as Indian Institute of Technology, Madras, and Cornell University.

Baibhav Ojha

Software Development Engineer

Baibhav is a technocrat, innovator and coding enthusiast. He has developed multiple applications and architecture for various projects spread across government and private organisations. Baibhav has served …

Baibhav Ojha

Softwar Engineer

Baibhav is a technocrat, innovator and coding enthusiast. He has developed multiple applications and architecture for various projects spread across government and private organisations. Baibhav has served as strategic technical consultant to multiple startups, several of which have gone on to be incubated by top names of the industry. By working on modelling new and innovative ways to optimise automation, he enhances every task for maximum efficiency and minimal complexity. His experience has compounded with every project, and he comes armed with knowledge of not just delivering products but also keeping them alive. Moreover, Baibhav has developed deep rooted leadership skills, which has enabled him to build and drive large teams towards the development of complex enterprise solutions.  

Pranit Bhujel

Software Development Engineer

Pranit is a highly skilled data and analytics expert with a background of serving multiple F100 clients. With a keen ability to navigate complex stakeholder relationships, he has collaborated closely with technical …

Pranit Bhujel

Softwar Engineer

Pranit is a highly skilled data and analytics expert with a background of serving multiple F100 clients. With a keen ability to navigate complex stakeholder relationships, he has collaborated closely with technical architects and client-representatives to design and implement cloud-native solutions. These solutions have efficiently processed terabytes of data, unleashing valuable insights.
His proficiency in cloud technology is unparalleled, enabling scalable and cost-effective solutions. A natural problem solver, he thrives in tackling complex challenges and optimising data-driven strategies.

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