AMF was looking to automate their AML processes and support the fund administration team with a solution to automate their daily operations.
Customer industry: FX risk management & payment services
Challenge: The customer’s AML activities were largely manual and time-consuming, seriously hampering the growth of the business.
Solution: Trapets’ solution for transaction monitoring immediately overhauled the customer’s slow and inefficient systems.
Trapets was approached by a fast-growing non-bank FX provider. While growing rapidly, their AML processes weren’t scaling as fast. It was apparent that too much time was being spent manually on AML processes.
Furthermore, the company had to comply with the increasingly stringent and complex AMLD (Anti Money Laundering Directives). They needed a better technology-driven process to reduce manual work, save time to focus on scaling and ensure compliance.
FX management companies service customers, including securities services, payment services, retailers, and commercial and private banks. The sector is particularly vulnerable to money laundering activities through remittance flows, which amounted to approximately $831B in 2022.
Trapets identified that the customer needed to automate its AML processes to detect suspicious transactions and track deviating behaviours.
Trapets was able to meet these needs with its Transaction Monitoring solution. With Trapets, the FX organisation automated their anti-money laundering processes and was able to set its own rules for detecting suspicious activity.
The tool integrated screening, risk models, case management, and reporting on a single platform. This helped the organisation identify and focus its resources on the transactions and customers that required further investigation.
The transaction monitoring system proved quickly more scalable, reliable, and credible than the existing manual processes.
It allowed the FX company to incorporate a comprehensive, automated AML process to meet its regulatory commitments and protect its business from illicit activities.
It established a more targeted capability to analyse customer behaviours and to identify suspicious activity earlier.
Since the implementation of Trapets Transaction Monitoring, the FX company has witnessed many improvements across its business:
Trapets’ customer can now fulfil and exceed regulatory requirements. The group’s ability to detect suspicious activity, keep track of customer behaviour, and fight financial crime across all of its markets and geographies has been vital in continuing to pursue its successful high-growth journey.
Reach out if your financial services organisation would like to save time and reduce manual processes in your financial crime prevention efforts.