AML - Ares AML/CTF application software

Introduction

Various Anti-Money Laundering and Counter-Terrorism Financing Acts (AML/CTFs) have become all the more important for countries and central banks. Related acts in different countries such as FATF 40 Recommendations, Patriot Act (US), EU Third directive, Crime Act (UK) and Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Australia) are all aiming at improving the awareness of financial institutions for related issues.

Therefore, most financial institutions now have AML projects. For them, the major challenge is how to make an appropriate AML policy, as overemphasis or negligence may increase related expenditure.

Most financial institutions are carefully dealing with related issues to avoid serious losses or reputation damage once they violate the law—they may be drawn into legal disputes, fined or see their responsible staff subject to imprisonment. With gradual emphasis on related issues, the respective legal responsibility will become stricter. It is inevitable that AML/CTF policies will increase enterprise costs. However, Ares AML solution can help in matters related to enterprise control costs while allowing control, report, audit and tracking needs for related rules.

Complete and effective solution

Ares provides AML solution to assist the overseas branches of financial institutions to conform to related rules. Ares has global financial system implementation experiences as well as managing and consulting abilities, so that it can assist the bank to complete the plan of following AML policies.

With Ares AML solution, the bank can improve its performance in customer identification, dealing with the exchange processes of new and existing customers as well as controlling customer account activities. Using Ares AML solution can help the bank to improve its management process with the most cost-effective way to meet the internal control procedure while equipping itself with real-time report ability.

Solution introduction

AML is a computer application software solution for assisting the user in managing various law compliance procedures for AML/CTF. The solution can improve and automate existing AML exchange procedure of the bank, offer audit tracking and record related AML/CTF exchange activities.

No matter the scale and business content of the financial institution, Ares AML solution is especially designed to tailor to related laws with only slight modifications. Therefore, it is suitable for all kinds of office systems while its module-based AML content allows optional system introduction according to the customer's need.

Solution Functions

1. Customer identification and verification:

When establishing customer relationship management, the solution can effectively deal with and identify the necessary documents of the customer. In addition, the solution can automatically collect and manage various required document information according to various customers (such as company, trust, partner or person) to cater to the regulation need of respective customer. Furthermore, the solution will provide different risk levels and differentiation reports to effectively improve internal control procedure and verify the errors in identifying information collection.

The functions can help the bank to minimize the possibility of law infringement and fined for such behavior while simplifying the identification of customer exchange procedures. Besides able to identify whether the customer is the target of international punishment as listed by institutions such as Australia-based Department of Foreign Affairs and Trade (DFAT), US-based Office of Foreign Assets Control (OFAC) and Bank of England (BOE), Ares AML can also verify actual documents, speed up verification procedures and lower customer relationship management costs.

2. Watch list verification:

The solution can automatically update the database among changes to the watch list to make sure banks or financial institutions can follow related regulations at any time.

3. Account activities control:

The solution can assist staff responsible for following the regulation to effectively control and track suspicious account activities. From system implementation, the solution will establish an automatic management mechanism for individuals or companies to ensure effective control and improvement of tracking various suspicious account activities.

Solution advantage

ItemAML advantage
Collect black listThe developer offers black list installation service and update notifications. No need to track individual black list update status.
Edit black listAutomatically format various black list data formats to a single database, including alternative name, spelling and other related information
Compare name listOffer complete comparison, update and real-time comparison models; indicate suspicious customers via similarity percentage
Collect exchange dataAutomatically collect data regularly, no need for manual transcription, input, copy and proof-reading
Order exchange dataAutomatically order data, adding respective statistics indicator according to different time frames
Search for suspicious exchangeAutomatically indicate suspicious exchanges according to various indicators and other data rules
Audit recordOffer detailed work record, clearly display each comparison result and black list update record。
Problematic case trackingOffer effective case tracking maintenance interface for tracking the status of each case, attachment and modifier record

Customers

  • Taiwan Cooperative Bank
  • Cathay United Bank
  • Bank of Taiwan
  • Industrial Bank of Taiwan
  • China Development Industrial Bank

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