AMF – The journey from manual to automated AML processes

AMF was looking to automate their AML processes and support the fund administration team with a solution to automate their daily operations.
A modern skyscraper with a curved glass facade at sunset, with several buildings in the background.

AMF, one of Sweden’s leading fund management companies, was looking to automate their AML (anti-money laundering) processes and support the fund administration team with a solution to automate their daily operations.

Trapets is helping AMF by modernising the process with Trapets Transaction Monitoring. The new system reduces the manual workload for the fund administration team and provides greater peace of mind for staff and clients by reducing the risk of human error.

Challenge: modernising AML processes

The need to move from a manual to an automated process is vital in the fight against financial crime. The requirements for passing audits are becoming more stringent, and the risk of falling short is more significant than ever.

AMF, one of Sweden’s leading fund management companies, was looking for a partner to transform their current processes and help make them more efficient.

They also wanted to support the fund administration team with a tool that would help facilitate the processes daily. After years of using Trapets KYC screening service, searching for a partner to provide transaction monitoring became easy.

Elisabet Dahlberg, Fund Administrator at AMF, manages client orders and handles all the cash flows and prognosis for their trustees. Most of the work consists of preventing money laundering. The fund administration team relied solely on manual methods for identifying transaction discrepancies.

“We used database questions created in our fund system to generate reports and lists in Excel, and we held monthly meetings with compliance, lawyers, and management to review the results. While this system worked well due to our internal processes and routines, it was also a significant responsibility,” says Elisabet.

Solution: technology to support the quality of AML processes

To modernise the process, AMF was looking for a partner that could meet their needs – configurable to suit AMF operations and easy to implement and use. By partnering with Trapets and implementing Transaction Monitoring, AMF has taken a significant step towards an automated and efficient AML process.

“Even though we’re a fund management company with just one product, we still need to monitor sanction decisions made by banks to reduce the risk of money laundering. With Trapets, we feel secure and can contribute to reducing this societal problem,” says Elisabet.

Reducing the risk of human error and providing greater peace of mind for staff and clients are benefits that quickly became notable. As the system became a part of the daily routine, it gave a more even work distribution. It also eliminated the high workload at the end of each month.

Result: bringing confidence to daily business

While there was much to learn for the team, implementing Transaction Monitoring went smoothly with great support and project management. Setting up the system to fit the needs of AMF business is crucial to facilitate adoption for the team.

“Switching to Trapets has made us feel safer and more confident in managing our clients' needs. We no longer need to manually sort and manage tasks in Excel since everything is presented to us in the system now. And since everything is registered in Trapets, it’s easy to follow each case from start to finish.”

Read more

Talk to an expert

Discover how our solutions can help you effectively fight financial crime. Complete the form, and we will contact you shortly.