CaseWare AML Compliance Solution





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Published on Feb 2, 2016

In 2011, the United Nations Office on Drugs and Crime estimated that $1.6 trillion, or 2.7% of world GDP, was laundered by criminals. More recently, several large banks have paid massive fines and forfeited billions of dollars for failure to comply with anti-money laundering laws. And this problem could get worse. According to the World Bank, worldwide remittance flows may exceed $700 billion in 2016. So how can an enterprise effectively guard against money laundering and comply with strict government regulations? CaseWare has the answer.

CaseWare’s AML Compliance is a highly effective solution that covers all AML requirements in a single platform, including: Know your customer, Sanctions screening, Transaction monitoring, and Regulatory Reporting. Let’s see how CaseWare AML Compliance monitors a series of transactions to identify potential money laundering activities.

John visits United Bank’s Main Street Branch and sends three wire transfers of $9,800 each, to Paul. CaseWare AML Compliance automatically flags the transactions as potential structuring and sends an email alert to Erica, a compliance officer at the Branch, for validation. Erica opens the email and clicks a link to view the alerts. She reviews the alert and notices that the total value of the three transactions exceeds the reporting threshold. Based on regulatory requirements Erica decides to create and file a CTR for John. With a single click, the system prepopulates the report with all the details from the alert. She reviews and modifies the details to ensure that all requirements are met and then files the report within the 15-day time period specified by the regulatory body.

Erica now checks the resolution guidelines and notices a step requiring a review of any related alerts generated. Erica clicks the Related Alerts tab and sees the following:
1. Sanctions hit returned for Paul, in an attempt to receive wire transfers from John. CaseWare AML Compliance rejected the transfer.
2. Customer John’s Know Your Customer profile is non-compliant.
3. Wire transfers from John are missing a source of funds.
Erica looks at John’s risk profile and notices that his risk score had increased from medium to high over the last 30 days due to the alerts generated by CaseWare AML Compliance. These findings appear very suspicious and so Erica decides to create a case for John to facilitate a comprehensive investigation.

The investigation reveals that the teller involved in the transaction at the Main Street Branch ignored the CaseWare AML Compliance Sanctions Screening alerts and tried to transfer the funds to a known criminal enterprise. After the investigation was completed all the evidence gathered and examined required that a SAR: Suspicious Activity Report, be filed for John. With all the case’s investigation details, Erica prepares and files the SARs within the 30 day cut off period to the regulatory body. Erica adds the comment to the case “CTR and SAR filed” and moves the case to “Closed”.

Now Simon, the Compliance Manager, reviews the details of the case and becomes curious about the high number of Threshold Transaction alerts, so he decides to investigate further using CaseWare AML Compliance dashboards and visualizations. From the dashboards, he notices a spike in the number of Threshold Transaction alerts reported at two United Bank branches. He also discovers that the transactions involved specific tellers. The dashboards also indicate that the five suspicious activity reports were filed for transactions that took place at the Main Street Branch in June. Based on these findings, Simon recommends that United Bank implement the following changes in their processes to prevent any similar recurrences: Re-evaluate the risk profile of the two branches in question, based on their location and the amount of alerts being generated. Conduct a thorough investigation to determine if the tellers willfully facilitated money laundering and, if so, take remedial action. Conduct refresher training for all tellers at these branches on AML requirements.

With the implementation of CaseWare AML Compliance, this bank has created a sustainable compliance environment by: detecting and investigating suspicious activities. Preparing and filing reports to regulators in a timely manner. Preventing suspicious wire transfers in real time. Remediating alerts quickly within a strict workflow that maintains the history of actions. Maintaining a risk profile for customers based on their current activities, and gaining a high level overview of the AML process from data visualizations and dashboards that detect trends and patterns. Using CaseWare AML Compliance for regulatory requirements has never been easier and more effective. Contact our sales team to see how your organization can benefit from CaseWare's AML Compliance Solution.

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