Solutions

AML Risk Assessment and Transaction Monitoring Tool

An innovative online tool, customisable to client needs

Features also group structure management and KYC & CDD document management

AMLex365 is the most comprehensive online and web-based solution in the market today for financial and non-financial institutions. It is built in accordance to the highest levels of AML expertise to fulfil all compliance, regulatory and best practice requirements. It allows enterprises to determine the level of their customers risk split into low, normal and high risk, monitor transactions in real time, create entity group structures and guide them to the type of CDD necessary for the type of entity and level of risk associated with the entity or individual.

Assess your risks any day any time from anywhere!

Features and benefits

Regulatory Confidence
  • It provides confidence to the user by consistent application of regulatory guidance and best practices, requirements of financial institution and other supervisors, regulators and law enforcement agents world wide.
  • It is in line with the latest Cyprus AML/CFT Law (Prevention and Suppression of Money Laundering Activities Laws of 2007 to 2018) , the 4th EU AML Directive(2015/849) and the provisions of the 5th  (2018/843) and 6th ( 2018/1673) EU AML Directives.
Risk Assessment Tool Features
  • Create your customers profile and built-in economic profile for individuals and organisations with actual and anticipated financial information.
  • Risk assessment and scoring tool to assess the AML Risk for your clients based on the customer’s profile, risk factors and weighted parameters.
  • Assess the Risk by using: 
    • quantitative and qualitative criteria,
    • customisable risk factors (such as customer risk, country risk, product/service risk, industry risk and delivery channel risk),
    • apply weight allocation to all your risk factors and parameters,
    • risk scoring matrices.
  • Assess risk as low, medium, high and very high with associated scoring
  • Indication of next review date based on the level of risk
Transaction Monitoring Tool Features
  • Monitor each client transaction - apply filters and built in scenarios in order to monitor transactions
  • Create your customers’ economic profile for individuals and organisations with actual and anticipated financial information and anticipated incoming and outgoing amounts of transactions in order to enable comparison of actual transactions with the customers profile.
  • Provide warnings  and alerts where transactions are not in line with the customer’s economic profile
KYC & CDD Document Management
  • Know Your Client (KYC) identification and built in of a customer profile
  • Customer Due Diligence (CDD) management
  • Document verification per type of organisation and risk level.
  • PEP identification and risk management
Group Structure Management
  • In order to understand the relationships between the entities in a corporate entity tree, it is necessary to obtain a hierarchy that shows the parent and/or child for each entity in the corporate entity tree. The tool enables group structure management interconnecting entities of the same group and relating  UBOs, Shareholders, Directors to one or more entities.
  • The tool will show your client entity, the entities controlled or associated or related with your client entity, the entities that control your client entity, up to the Global Ultimate Parent (GUP), which is an entity that is itself not controlled by any other entities. The tool will dictate the entities that the GUP otherwise controls (sometimes referred to as being under common control), the ultimate beneficial owners, other shareholders, directors or authorised persons or any other person related to your entity or the entities related to your client entity.
  • Depending on the type of your entity you may relate persons associated with it, e.g for a trust you may relate trustees, settlor, protector, beneficiaries etc
  • For each individual being a director or shareholder you may relate the entities in which the director holds positions or the shareholder has a stake.
Reporting
  • Presentation-ready reports, summaries and scoring deliver a comprehensive money laundering risk profile to examiners, board members and stakeholders
  • Overall client profile report
  • Reports related to risk assessment and transaction monitoring
  • Other client specific reports
Technical Specifications
  • A web based online application built with highest levels of efficiency through automation
  • Multi-user platform identifies money laundering risk across different type of organisations
  • Bridge with third party software via API, to transfer customer profile data and transaction data
  • Processing can be performed also in a batch mode

The system is applicable to obliged entities, such as:

  • Financial Institutions (i.e. Investment Firms, Forex, Insurance Entities)
  • Credit Institutions (i.e. Banks and their foreign bank branches)
  • Professionals (i.e. Lawyers, Notaries, External Accountants, Auditors and Tax Advisors)
  • Trust and Service Providers
  • Real Estate Agents
  • Providers of Gambling services and Casinos
  • Jewellery Dealers, Antique, Car and Fur Dealers

How can we help you?

Our service offering is designed to:

  • assist with the implementation of the software tool or to outsource the provision of services regarding the risk assessment and monitoring of client transactions. We may assess your client risk in a batch processing mode and monitor transactions in real time i.e. bank payments receipts, invoices etc.
  • provide support to compliance functions to identify the AML risks and enable them to find solutions to address them
  • provide training regarding the use of the tool

With the support of AMLex365, we can assist compliance officers on their duties or even act as fully outsourced AML officers on behalf of the client.  The tool will enable entities and their compliance officers to be fully compliant with the latest regulatory requirements.

Key Contact

Katerina Antoniou

Katerina Antoniou

Director

Katerina leads the Practice Protection Group dealing with Compliance, Regulatory, Anti-Money Laundering (AML), Ethics, Anti-Corruption, Independence and Risk Management Issues. In 2012, she has been a... More