AML Technology automated risk management process in Vozrozhdeniye Bank

On October 19, 2020 the company AML Technology reported that bank "Revival" together with AML Technology company automated risk management process on POD/FT regarding identification and prevention of doubtful client transactions.

The accruing requirements of the Central Bank in the field of Counteraction of legalization of income gained in the criminal way, and to financing of terrorism (POD/FT) lead to the fact that new tasks of gain of control of clients and their transactions regarding their involvement into "washout" schemes are regularly set for banks.

For the successful solution of these tasks our Bank together with the AML Technology command successfully completed the project on system implementation of monitoring of client transactions – FBR.AML.

The AML Technology command completed the works within 9 months. For this period it made necessary completions of the version of a system "from a box" and carried out its complete implementation.

Key results of the project became:

• Consolidation of a full stroke of check of clients in a uniform working space. A system allowed to carry out inspections on clients in a single window that considerably lowered labor costs of employees compliance;
• Process optimization of taking measures to clients and their transactions. The functionality of a system due to integration with other systems allowed to implement a number of business processes which minimized labor costs of adjacent divisions which work was replaced by FBR.AML system tools;
• Automation of work of staff of division compliance regarding primary identification of doubtful transactions of clients using the different configured multiple-factor markers and scenarios. Rational use of resources of employees one of key trends for any modern business.
• Flexibility of process control of identification of doubtful clients and their transactions. The broad tool kit allows to react to schemes of carrying out suspicious transactions quickly.

After system implementation in Bank the AML Technology company continues to develop it, implementing new processes and tools for compliance to requirements of the legislation, operational detection of new "washout" schemes and their signs and also for improvement of ergonomics of a system.