Money laundering prevention is one of the most important elements in the fight against organized crime.
Compliance with the restrictions and requirements of the German Money Laundering Act (GwG) and the EU Anti-Money Laundering Directive (EUAGwR) is binding for every bank, insurance company, and numerous other (so-called “obligated”) organizations. The PASS AML (Anti-Money Laundering) Sanction offers a cost effective, high-performance software solution for centralized paperless processing. You can use it to identify transactions or customers related to illegal activities.
The PASS Anti-Money Laundering Solution ensures…
- compliance with the Money Laundering Act and the EU Anti-Money Laundering Directive
- an automated response workflow
- that both master data and transaction data from third-party systems can be processed with an isolated interface
PASS AML sanction is an independent, stand-alone application.
- a list of the audit procedures to be worked on
- audit documentation
- users of the interface function (third parties) receive responses with the results of the audit
PEP check: Permanent screening of master data against configured PEP lists; anomalies are reported to the Money Laundering Officer
Sanction check: Permanent screening of master and transaction data (SWIFT/SEPA) against the currently valid sanctions lists; anomalies are reported to the Money Laundering Officer; transactions are stopped until a decision is made in their processing and master data are blocked if necessary
Monitoring & Analysis (MONA): Risk analysis and classification by using a comprehensive evaluation matrix
Account screening: Manual or automatic evaluation of account movements
CENTRALIZED PROCESSING DIALOG
All audit processes are set up in a central processing dialog regardless of the calling application. As a result of this dialog, a branch operation is conducted for the information and views required for processing/evaluation.
EXTERNAL CALLING INTERFACE IN XML FORMAT
Using an external calling interface, audit processes can be performed within the centralized solution and made available to the money laundering office for processing in the case of suspicious activity. The calling system is notified of the respective processing status using an automated response process.
OPENNESS TO SANCTIONS LISTS FROM OTHER PROVIDERS
There are import interfaces for sanctions lists and PEP lists from various providers. Lists from other providers, such as Thomsen Reuters, Dow Jones, and the Bundesanzeiger, can be imported as well. With the flexible interface concept, additional providers can easily be integrated into the process.