MAP FinTech, a leading regulatory technology provider in Cyprus, is delighted to announce the launch of its AI-Enabled AML Transaction Monitoring and Screening Solution, now available via the firm’s powerful and award-winning Polaris platform.
MAP FinTech’s AI-Enabled AML Transaction Monitoring and Screening is a trustworthy and modern solution that efficiently addresses the risk of money laundering and terrorist financing, having been designed to help firms comply with their regulatory requirements in regards to anti-money laundering (AML) and counter terrorist financing (CFT).
Why is transaction monitoring important?
In a Joint Opinion published in October 2019 by EBA, EIOPA and ESMA, the three main European Supervisory Authorities (ESAs), the said authorities found weaknesses in the control frameworks of financial institutions in regards to transaction monitoring and suspicious transactions reporting, especially in segments with high volumes of transactions. The ESAs also acknowledged in their opinion that the use of new technologies offers ample opportunities to better fight financial crime.
The Financial Action Task Force’s (FATF) recommendations on the international standards on combating money laundering and the financing of terrorism and its proliferation provide that financial institutions, when implementing their risk-based approach, “should have in place processes to identify, assess, monitor, manage and mitigate money laundering and terrorist financing risks.”
Furthermore, Article 15 of the EU’s 5th AML Directive (Directive (EU) 2015/849 amended by Directive (EU) 2018/843) provides that “Member States shall ensure that obliged entities carry out sufficient monitoring of the transactions and business relationships to enable the detection of unusual or suspicious transactions.”
How can MAP FinTech assist you?
MAP FinTech’s AI-Enabled AML Transaction Monitoring and Screening Solution allows you to monitor your customer transactions on a daily basis or in real time to detect suspicious activity.
Our solution provides organisations with an in-depth analysis of customer profiles, risk levels and activity by aggregating and analysing customers’ historical information, account profiles and actual transactions. Our tool can also perform real-time sanctions and blacklist screening of transactions prior to execution.
MAP FinTech’s AI-Enabled AML Transaction Monitoring and Screening allows clients to enjoy a cost-efficient, integrated solution delivered via a single platform, together with the rest of Polaris’ offerings and our team of experts’ impeccable support services.
Learn more about MAP FinTech’s AI-Enabled AML Transaction Monitoring and Screening Solution here
About MAP FinTech
MAP FinTech is a leading and award-winning regulatory technology provider for the financial services industry, specialising in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II, MiFIR, FATCA and CRS. MAP FinTech also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27/28 reporting, AI Transaction Monitoring and Screening (AML), eKYC (Screening, eIDV, Document Authentication), Trade Surveillance (Market Abuse), and SFTR.