AML – Anti Money Laundering

The Intellinx Anti Money Laundering (AML) solution builds on deep experience in gathering and processing data for some of the world’s largest financial institutions. The solution is easy to deploy and use with minimal IT support required.

Intellinx can import data sources using traditional methods (from logs or databases), but has the added advantage of aggregating user and system activity directly from the network using patented network-sniffing technology. By aggregating traditional and real time sources, Intellinx tracks customer behavior patterns and transactions activity to provide a unified view and analysis of customer activity. This includes customer and user actions that typically are not available in the traditional data sources (e.g. incomplete transactions).

Customer Due Diligence and Know Your Customer (KYC)

One of the primary defenses is performing appropriate due diligence, which must be performed for new customers to establish a risk profile.  High risk customers must also go through an additional level of scrutiny.  Additionally, customers must be periodically re-rated for risk.

Intellinx provides capabilities around Customer Due Diligence and Enhanced Due Diligence through its highly configurable analytic engine:

  • New Customer Profiling – classifies accounts into different risk categories based on customer attributes (identity) and transaction monitoring (actions); identifies customers who require Enhanced Due Diligence, as well as accounts opened with missing data to support CIP.
  • Revised customer profiling – monitors customers for changes in expected activity and re-rates customer risk
  • Workflow and reports – ensures the timeliness of regularly required Enhanced Due Diligence (EDD) reviews for high risk customers, and of of CIP review and collection of missing data.

Transaction Monitoring

For the most part, combating Money Laundering and Financing of Terrorism comes down to the monitoring of financial transactions for suspicious activity.

Intellinx rules generate alerts and reports required to support AML/ CFT regulations. The system can be configured to detect suspicious activity according to country-specific requirements:

  • Structuring – a customer who attempts to hide the size of reportable cash transactions by breaking them into multiple, smaller transactions.
  • Suspicious currency related transactions
  • Potential Money Service business activity
  • Major changes in customer behavior compared to previous patterns.
  • Link analysis to find a group of customers and accounts with suspicious relationships and / or transactions.
  • Potential employee involvement in Money Laundering activity
  • Transactions to and from sanctioned countries

Sanctions Filtering

Global governments develop and publish lists of individuals, organizations and countries which need to be monitored by financial institutions. The Intellinx AML solution comes with pre-configured rules to generate alerts required to comply with AML/ CFT regulations. The system can track activity across multiple accounts for the same entity. Intellinx can detect direct and indirect links between accounts and customers. The solution provides the ability to match against imported lists (OFAC, FATF, NCCT, PEP, etc.) using exact matches, similar name matches, aliases and spelling variations.  Intellinx is also able to run rules against internal watch list files generated by the financial institution.

Regulatory Reporting

To maintain full compliance, timely filing of the correct reports to the various regulatory bodies is required. The Intellinx solution provides the workflow and reports to ensure timely filing as well as providing electronic interfaces to automate the required filing processes.

  • Capturing and tracking of relevant information for regulatory filing in of appropriate forms.
  • Automated electronic filing with relevant regulatory agencies.
  • Workflow and reports to ensure the timeliness of regulatory filing.

Case Management

Case Management and Investigations are an important part of enterprise AML capability.  The Intellinx solution provides a case management function configured to support the AML investigation process.  The solution includes reports and time based alerts to ensure compliance.

  • Tracking of relevant records for CIP, KYC, and EDD including AML risk assessments, documents to verify and validate the customer’s identity, relevant adverse information
  • Interface for generating letters to customers requesting missing CIP data
  • Interface for placing accounts on hold as required
  • Interface for performing account closure as required
  • Integrative with other systems as required (due diligence tools such as Lexis/Nexis or ChoicePoint)