Entities are required to establish policies and controls to help them prevent money laundering and terrorism financing through their services, which is why organizations should implement measures to:
1. Get to know their customers, suppliers and employees in order to determine the level of risk that the entity may be assuming by engaging with these individuals.
2. Classify customers, suppliers and employees into groups or segments with similar transactional behaviors, in order to appropriately monitor unusual transactions.
3. Be able to detect in time and manage any transactions that do not match the customer profile and conduct an analysis to determine whether it is a normal or suspicious transaction.
Learn the customer's risk profile at the engagement stage.
This module allows you to group or divide similar customers within the segments and the differences between them; each segment is characterized by having similar transactional behaviors, thus allowing the proper monitoring of unusual transactions.
As for the prevention of money laundering, it is important for organizations to establish controls to get to know their customers. One appropriate technique is to rate customer risk (scoring) based on a money laundering prevention approach, in order to identify the customers considered to be high, medium or low risk and, with this information, establish measures to monitor and oversee their behavior.
Risk Profile allows you to rate customer risk at the enrollment process through their fixed characteristics and as the person develops a transactional behavior, re-rate this level of risk.
System to monitor financial transactions performed by any transactional channel: ATMs, Mobile App, Offices, Virtual Branch, among others, that allows you to detect transactions that may be related to fraud or money laundering.
Good practices and procedures aimed at ensuring compliance with standards established by organizations.
Compliance means good practices and procedures aimed at ensuring compliance with standards established by organizations, which involves both voluntary (internal) and mandatory (external) requirements.
It manages the risk of money laundering and terrorism financing to which the organization is exposed. Organizations must apply a risk-based approach to identify, assess and understand their risks of money laundering and terrorism financing, determine controls to help mitigate the risks effectively and ensure that the measures in place to prevent or mitigate ML/TF are proportionate regarding the risks identified.