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Risk Assessment and Transaction Monitoring

AMLex365 is the most comprehensive online and web-based solution in the market today built with highest levels of AML expertise that fulfills all compliance requirements and allows enterprises to determine the risk level of their customers.

This makes the solution the critical tool for Compliance Officers for effectively complying with the AML law and regulations. AMLex 365 it is the only tool which is ISO 27001 compliant offering the highest levels of data security in a batch processing mode.

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AMLex365

About

1. AMLEX 365 AML Risk Assessment Tool

In recent years the regulatory scene has advanced to unparalleled levels. Governments worldwide and regulators have grown increasingly demanding on their regulatory requirements and recent reinforcements have indicated that AML Laws and regulations are not here only to stay but become more and more stringent.

The recent issues of the 4th and 5th Directives, placed increased emphasis on the application of customer identification and due diligence procedures on a risk sensitive basis and in a dynamic manner and requires entities to develop a thorough understanding of the inherent risks present in all different elements of its business including but not limited to its customer base, products, services offered, delivery channels and countries of operation.

AMLEX365 is the most comprehensive online and web-based solution in the market today built with highest levels of AML expertise that fulfills all compliance requirements and allows enterprises to determine the risk level of their customers. This makes the solution the critical tool for Compliance Officers for effectively complying with the AML law and regulations. AMLEX 365 it is the only tool which is ISO 27001 compliant offering the highest levels of data security in a batch processing mode.

AMLEX 365 allows reseller capabilities to organizations that intend to trade this solution.

RISK ASSESSMENT OF ONBOARD CLIENTS AND ON GOING MONITORING

AMLEX365 is an automated AML risk evaluation software for rating the risk of potential or existing customers. It is is built with the features of a Dynamic Risk Based Tool that is in line with the most recent regulatory requirements and at the same time takes into consideration the relevant global industry leading practices.

It is the only software that analyses the risk of the customer into 4 classes being Low, Normal, High and Very High and thus allows Compliance Officers to concentrate efforts in monitoring a class of customers which may require special attention due to the customer characteristics and/or transactions they carry.

The software is compatible with AML4D and AML5D Directive requirements. It is built into taking into consideration parameters such as the customer’s profile, customer’s economic profile, customer circumstances, business type, whether an individual such as the UBO is a PEP, customer’s source of wealth, the organization’s source of funds, purpose of transaction, expected type of transactions and many more.

Compliance is achieved by risk-based Assessment performed through both a batch import of all customer data and one to one evaluation of on board customers. The evaluation built is based on advanced scoring and metrics models. In addition, our solution provides a risk analytical score report and a detailed economic profile of the customer with all the information required by Regulators.

KNOW YOUR CUSTOMER (KYC) & CUSTOMER DUE DILIGENCE (CDD)

  • Creation of the economic profile of a customer being individual or organization for reporting purposes
  • The KYC /DDC Components are designed to gather the information required to establish a comprehensive profile of the customer including the customer’s economic profile and expected anticipated activity  in order for this information to be fed into and used by the Risk Rating Matrices.
  • Document specification necessary to be submitted in accordance with the risk level of each customer being either and ondividual or organisation.
  • Different document requirements in accordance with the type of the organisation and level of risk. For example for an EU Pubic Listed Entity rated as Low risk, simplified measures should be applied and the minimum document collection requirements verses a private entity rated as normal risk where normal due diligence measures should apply and documents collected in accordance with the customers risk profile. 
  • Different document s should be collected in the case of an entity verses a Fund or Trust or Partnership or Charity etc

RISK EVALUATION CRITERIA

  • Setup Risk Evaluation Criteria Values and Parameters
  • Classify customers into 4 Risk Classes (Low, Medium, High and Very High) 
  • Adjustable CIP weights: the Risk Rating Components rate, score and weight key aspects of a customer profile to arrive at an AML risk level classification.
  • Intelligent matrices for scoring and Dashboards
  • The tool uses four key risk rating Components:
            i.Country Risk Matrix;
          ii. Product Risk Matrix;
          iii. Industry Risk Matrix; and
          iv. Customer Risk Scoring Matrix

The first three matrices are designed to determine the level of risk posed by any given product, country or industry and are precursors to considering the profile of the customer (i.e., which product/countries/industries apply). The matrices are customizable and continuously updated according to the organizations requirements. The Customer Risk Scoring Matrix is designed to rate the customer risk according to its specific profile and also takes into account the above 3 matrix ratings.

2. TRANSACTION MONITORING

The second main feature of this tool is its transaction monitoring capability. The tool is built with online transaction monitoring process, which alerts the compliance officer of all non-expected, non-ordinary transactions which do not comply with the economic or overall profile of the customer.

AMLEX365 is a fully flexible system that can accommodate and comply with requested pre-requisites and in-house requirements of every company.

The system is modular and capable of talking to other systems.

TRANSACTION MONITORING TOOL

The tool has an in-built Transaction Monitoring Component, which uses the AML risk level classification to monitor more or less stringently the transactions associated to a customer relationship, over time, which in turn may result in an update to the AML risk level classification. A Profile is created for every client in the system and the tool analyses daily transactions against the customers economic profile and further parameters already built in.   Once an unusual or out of norm or large transaction in excess of the profile is detected it is flagged out so that further action can be taken by the compliance officer or administrators handling the tool. It is an extremely simple tool to use and very user friendly allowing effective and efficient management of both costs and time within your organisation.

The system contains built-in custom alerts, warnings, reminders and red flags

  • Custom alerts when a passport or ID expires
  • Red flags on monitoring non-ordinarily transactions
  • Reminders for customer’s next review
  • Warnings for expiration of time limits for review

3. GROUP STRUCTURE MANAGEMENT MODULE – GENERATION OF GROUP STRUCTURES DIAGRAMS

This module will give you the ability to build the group structure between entities of the same group in a diagram format all the way up to the Ultimate Beneficial Owners (UBO)

It further allows you to connect Directors, Shareholders and Ultimate Beneficial Owners to each entity.

You may build a group structure all the way up  to the Ultimate Beneficail Owner .

Features

1. MAIN FEATURES OF THE RISK ASSESSMENT TOOL

1. A fully Customizable and parametrised tool, simple, user friendly and easy to use
2. Online and web-based system accessible from everywhere
3. In accordance with the requirements of the 4th and the 5th EU AML Directives
4. One-to-one and batch processing for automatic risk calculation
5. Transaction monitoring tool to enable monitoring of individual or batch transactions
6. Know Your Customer (KYC) & Customer Due Diligence (CDD) features
7. Analytical Scoring System and CIP Weight Allocation
8. Risk Evaluation Criteria fully parametrized
9. Review and automatically re-evaluate risk upon pre-defined times
10. PEP identification
11. Built-in economic profile
12. Built by experts for the experts
13. Compliance reporting in accordance with regulatory requirements
14. Built in alerts, warnings and red flags
15. Offers an advanced search feature
16. Compliant with ISO27001 Security Requirements
17. Custom permission levels and role assignment
18. Offers Data security and audit trail

2. FEATURES OF TRANSACTION MONITORING SYSTEM

1. Import transactions from any system via batch processing or one by one
2. Isolate transactions based on the rules you built into the system
3. Built in alerts such as custom alerts, red flags, warnings and reminders
4. Built in filtering tool to create filter alerts / parameters
5. Isolate transactions by peps and high risk countries
6. Isolate transactions by limits and thresholds built in the system
7. Review transactions within a pre-determined period
8. Send SMS and emails if an alert is triggered
9. Assign roles and limit the rights of users
10. Track for all actions that have been taken to close a case
11. Add thresholds and grace period rule

Benefits

REGISTRATION AND FREE TRIAL FOR 7 DAYS

1. BENEFITS OF THE RISK ASSESSMENT TOOL

  • Very simple and user friendly
  • Online and web-based
  • Automatic update of system upon changes
  • KYC & CDD features built in a dynamic tool with continuous assessment and re-assement either at pre-defined periods or on the spot
  • Will detect suspicious activity via the transaction monitoring tool once the correct thresholds and parameters are built in
  • Manages and controls risk in real time
  • Cost effective and time efficient system with the minimum effort and maximum results
  • The most advanced system of the market for non-banking institutions and businesses
  • An accurate and versatile system built in with complex algorithms and analytical techniques, weigh allocation and risk scoring techniques capturing every detail
  • Manage users and assign rights per user
  • Technical support round the clock 24 hours a day 7 days a week
  • No servers are necessary and no extra costs incurred
  • Upgrades are given for free
  • Monthly fee and no down payment necessary. No hidden costs.
  • No back-ups are necessary
  • Transaction monitoring tool included in price
  • Up to 100 records of Compliance checks included in price

2. BENEFITS OF THE TRANSACTION MONITORING SYSTEM

  • Very simple and user friendly
  • Online and web-based
  • Fully customisable and filter application
  • Connected to the risk assessment module or sold as a separate module
  • Will detect suspicious activity via the transaction monitoring tool once the correct thresholds and parameters are built in
  • Manages and controls suspicious activity in real time
  • Cost effective and time efficient system with the minimum effort and maximum results
  • The most advanced system of the market for non-banking institutions and businesses
  • An accurate and versatile system
  • Manage users and assign rights per user
  • Technical support round the clock 24 hours a day 7 days a week
  • No servers are necessary and no extra costs incurred
  • Upgrades are given for free
  • Monthly fee and no down payment necessary. No hidden costs.
  • No back-ups are necessary
  • Transaction monitoring tool included in price
  • Up to 100 records of Compliance checks included in price

Contact Us

Address
Arch. Makariou 67, 1st Floor,Off 103-104,2571,Nisou, Nicosia, Cyprus

Phones
(357) 22674700 , (357) 70004090

Email
info@amlex365.com

Hours
Monday—Friday: 9:00AM–5:00PM