A staggering 26 billion dollar fine was imposed on global financial institutions in the last decade due to non compliance with anti money laundering regulations and other related processes. This made it essential for banks to have a stringent system for ensuring compliance with global AML regulatory norms. AML process typically is intensive and complex. It includes tracking of complex factors related to amount and types of transactions, customer’s aggregate transactions, reviewing underlying transaction details, checking historical alerts by availing necessary data from multiple systems, etc. 

This implies that implementing AML compliances effectively is quite challenging especially in the current competitive business scenario. Advanced technologies like Hyperautomation can be applied to automate this process and transform today’s digital banking. Use of the latest technologies is indispensable as majority of the AML compliance processes are manual and time consuming. 

Automation technology as a critical enabler for risk management and ensuring compliance

Amidst intense regulatory scrutiny, emerging types of frauds and changing customer expectations, banks are leveraging suitable technologies across production, training, quality, Request for Information and calibration processes to improve AML delivery standards. Mentioned below are some purposeful steps in this regard:

Creating e-learning programs: To put an end to money laundering activities, AML regulatory training is a must. In addition to being specific, it has to be evolving with the changing regulations. A generic elearning platform is not sufficient for this purpose. Integrating hyperautomation components like RPA tools can make it more purpose driven and outcome oriented to carry out how articulation in audit logs, formulate Suspicious Activity Report trends, address typologies and red flags etc. Automation of e-learning platforms can be customized to deliver dynamic AML related contents based on employee profiles.

Boost QA via AI: Effective feedback mechanisms and documentation help in identifying critical issues at the early stages. Optimum utilization of automation technologies facilitate validation of complex data checks, deployment of personalized training, conducting independent testing towards holistic assurance of business processes. AI or cognitive abilities can enable and automate intelligent QA processes to perform complex tasks like defect prediction, sample optimization etc. 

Additionally, hyperautomation helps in reducing processing time and improving productivity without hampering the proposed benefits. Sorting of leading counter parties, issuing alerts based on severity of risks, automating transaction analysis can help the financial institutions in: 

Identifying alarming information available in the public domain
Reviewing past alerts against a particular customer
Understanding the deviation extent in the alerts with respect to KYC profile

Enable faster Request for Information (RFI): In case of missing information, RFI is crucial for robust AML investigations. It ensures in asking proper questions to have more clarity on transactions. Through an automated RFI process, customer care people can reach out to the correct recipient, resulting in reduction of fraudulent transactions. 

How Neebal can help 

At Neebal, we focus on delivering automated solutions to transform business processes across industries like BFSI, Agro, Pharma, FMCG and others. With more than a decade’s  presence, we have been successfully delivering outcome oriented and purpose driven solutions to boost  ROI and efficiency for businesses ranging from startups to Fortune 500 companies. From arresting non-compliance with AML norms to automating QA processes for customer loyalty, our services are scalable enough to impact business profitability and growth. 

Reach out to our solution experts and transform your AML regulations. Safeguard and track your financial transactions with our automated and customized solutions. 

Conclusion: Are you looking for hyperautomation companies to ensure programmed AML regulations? Get in touch with us to reduce manual intervention and improve business transparency.