InstantWatch AML is a powerful platform for automatic surveillance and compliance and is leading the market in northern Europe. InstantWatch AML analyses a flow of financial transactions and alerts according to a configurable rule system. The AML module provides automatic surveillance against money laundering and terrorist financing.
Money laundering and terrorist financing are an increasingly serious problem Banks and other financial institutions are under continual risk of being targeted for these illegal activities. It is vital for such institutions to comply with regulations and to minimize all risks involved.
The system performs an automatic risk calculation of customers, accounts, and transactions. Factors and properties such as nationality, country of residence, account type, and product are the basis for the risk analysis. The customers will automatically be placed into risk groups by the software.
The system’s automatic monitoring module performs advanced pattern analysis of each transaction. InstantWatch AML contains all alert types needed by financial institutions, according to the specified scenarios in EU’s third and fourth AML directive and other laws/regulations. The user can configure alert triggers and set the thresholds in real time.
The AML module is integrated to InstantWatch KYC, a quick and accessible internet service for screening of customers. The system automatically checks customers against sanction/terrorist lists and PEP lists, both at registration and on a continuous basis. Checks against the US Ofac/SDN can also be provided. Please see our separate brochure for more info about InstantWatch KYC. InstantWatch also handles KYC questions & answers which makes investigation of alerts faster and easier.
The system issues an alert when a pre-defined scenario in an alert trigger is fulfilled. A single, or several, alerts are handled as a case that needs to be investigated, documented and sometimes reported. InstantWatch AML provides powerful tools to assist the user in this process.
InstantWatch is one of the most powerful transaction handling systems in the world. Every day more than 10 billion pattern analyses are carried out on 500 million transactions within InstantWatch for our customers. The system handles 100 000 transactions per second on a standard server, providing more than 2 million alert trigger checks per second. It is nonetheless still scalable.
Even though the system is extremely powerful and carries out very complex pattern analyses, it is still very user friendly, easy to learn and easy to use. The complex functionality is hidden “behind the scenes”.
InstantWatch AML has been on the market since 2005. It is well proven and widely used by leading banks and brokerage firms. The functionality is constantly being improved and adapted to new regulations and new patterns used for money laundering. The latter is a requirement in EU directives and local regulations.
InstantWatch AML can be provided as an internet service hosted by Trapets. This is the quickest way to get started. Privacy and security is taken care of by the system and by Trapets. InstantWatch can, as an alternative, be delivered to and hosted by the customer. The delivery project is quick and efficient and the customer can be up and running within weeks. Please contact Trapets for more information and pricing!