EastNets Adds New Features to Anti-Money Laundering Solution

EastNets Adds New Features to Anti-Money Laundering Solution
25.04.2016 07:30 am

EastNets Adds New Features to Anti-Money Laundering Solution

AML and KYC

EastNets, a leading global provider of compliance, payments and cloud solutions for the financial services industry, has unveiled the new features of its leading Anti-Money Laundering Solution, en.SafeWatch Profiling, demonstrating anew its commitment to constantly enhance its solutions to help organizations better comply with regulations, mitigate risks, and increase their capabilities to effectively foil money laundering activities.

New functionalities for customer and account profiling include enhanced risk scoring, a dynamic dashboard and visualization capabilities. Enhanced Risk Scoring allows financial institutions to monitor their customers according to the Financial Actions Task Force (FATF) Risk Based Approach. It identifies the areas where business is most vulnerable to money laundering and terrorist financing risks, and helps take the appropriate preventative measures. Risk scoring works by identifying and monitoring high-risk countries, products/services, transactions and clients from the financial organizations’ entire customer base which also helps in determining the appropriate levels of needed customer due diligence. 

A dynamic dashboard provides users with a holistic overview of suspicious transactions and cases being processed. The data is displayed using graphical interactive charts and tables. Powered by IBM –i2 Analyst’s notebook, the Cross-Checker functionality provides unique link analysis and visualization capabilities leading to a more accurate customer profiling and segmentation. It allows users to centralize data from various sources, detect connections and hidden relationships between entities and individuals, and then display the results in a visual, easy-to-understand graphical manner.

Hazem Mulhim, CEO, EastNets, said: “The enhanced and highly flexible en.SafeWatch Profiling Anti-Money Laundering solution empowers financial institutions by allowing them to gain more insight into the profiles of their customers.  This single-window system is equipped with contemporary yet easy-to-use features to better analyze trends and customer behaviors. Such functionalities will increase the financial institutions’ ability to make informed decisions in terms of complying with regulations and combating money laundering. As criminal activities get bolder and more sophisticated, financial service institutions must efficiently respond through implementation of cutting-edge solutions. Our commitment is to support the global industry in this fight and our solutions new features are a testament to that.” 

Related News

Coronavirus outbreak spells the end for ‘outdated’ paper-based ID checks – SmartSearch

The spread of the coronavirus means firms relying on paper-based ID checks need to switch to electronic processes now to avoid a freeze on their business, according to anti-... Read more »

Baanx partners with HooYu to strengthen KYC processes

 Leading customer onboarding and KYC technology firm, HooYu, has been deployed by mobile crypto and fiat specialist Baanx. The HooYu Identify KYC journey has been... Read more »

SIX Group selects Know Your Customer’s digital solutions to strengthen supplier due diligence

SIX Group has selected award-winning RegTech provider Know Your Customer to strengthen its procurement process and better assess the... Read more »

Asian Private Banker Names Fenergo as the Best KYC and Client Onboarding Solution of the Year

Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions... Read more »

Vanquis Bank partners with HooYu to digitalise KYC processes

Leading customer onboarding and KYC technology firm, HooYu, has announced a partnership to digitalise Vanquis Bank’s KYC processes.  The HooYu KYC journey has been selected to... Read more »

Encompass Corporation 2019 AML penalty analysis: $8.14 billion of fines handed out globally

Encompass Corporation, a fast-growing provider of intelligently automated Know Your Customer (KYC) solutions... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel