The ability to manage and analyze a wealth of centralized data and distribute the knowledge it confers throughout the business, right where it is needed, makes the OneSumX solution for AML invaluable in mitigating the risk that your firm will unintentionally miss a serious risk of exposure.
At the same time, in centralizing the core AML compliance functions the risk of internal collaboration to commit fraud or deliberately ignore money laundering is mitigated through the independence of oversight. The use of fuzzy logic and other analytical tools, whilst reliably identifying suspicious activity, reduces the effect of false positives and thereby reduces the cost of compliance.
As with other areas of compliance, regulatory change is occurring at a faster rate around anti-money laundering and terrorist financing than ever before. Indeed, the many governmental and international blacklists are being updated daily and it can be an onerous task for an internationally-active financial institution to keep up to date with these daily changes, and yet that is the requirement.
Wolters Kluwer Financial Services has a team dedicated to monitoring these lists and provides updates directly to customers subscribing to our list service, adding further value, time reduction and certainty of compliance. Our OneSumX for AML solution can also be integrated with other OneSumX solutions, covering regulatory reporting, operational risk and fraud detection, all sharing the same source data and historical database and all provided from a single trusted partner.