With customizable workflows, tailored to the specific risk profile and regulatory requirements of individual institutions, we are able to offer a solution that provides both flexibility and scalability as your business evolves. Seamless integration with third-party data sources and regulatory watchlists enhances the accuracy and completeness of KYC checks, enabling thorough due diligence and risk assessment. By leveraging advanced analytics and automation, we streamline the KYC process, reducing manual efforts and enhancing operational efficiency while ensuring ongoing compliance with regulatory standards.
AML Software
Through the Advisense AML software, we arm financial institutions with all capabilities needed to monitor, detect, act and report on financial crime. This enables businesses to fulfil regulatory requirements, reduce compliance risks and reach higher levels of automation as well as fewer false positive alerts - overall contributing to a safer and less time-consuming monitoring.
Advisense’s AML software comes with advanced data analytics and high degree customizability with short implementation time and the solution covers everything needed in terms of KYC, customer profiling, risk scoring, transaction monitoring, PEP and sanctions screening, case investigation incl. CDD and EDD as well as reporting.
Combining this AML software with the rest of our AML offering, Advisense is able to offer AML advisory, AML managed services (on your existing AML software or on Advisense AML software) as well as a leading AML software.
KYC & Customer onboarding
Effective and accurate Know Your Customer (KYC) procedures are paramount for financial institutions to mitigate risks associated with e.g., money laundering and terrorist financing.
Utilizing our customizable KYC functionality ensures a thorough and compliant customer onboarding process, incorporating advanced identity verification, PEP screening, sanctions checks, and UBO identification to ensure both customer identity validation as well as proper risk assessment.
Customizable KYC flows
Screening
PEP screening is an essential component of our KYC process, enabling financial institutions to identify individuals with prominent public roles who may pose a higher risk of corruption or illicit financial activity. Through comprehensive sanctions screening, we ensure compliance with international regulations by identifying individuals or entities that are subject to financial sanctions or embargoes. Additionally, our UBO identification capabilities enable financial institutions to uncover the true beneficiaries behind corporate structures, mitigating the risk of hidden ownership and illicit financial flows.
Classification
Accurate customer risk classification and transaction monitoring scenarios is essential for financial institutions to effectively manage and mitigate risks associated with money laundering and other financial crimes.
By employing advanced algorithms in the classification process and machine learning techniques to assess the risk level associated with each customer combined with key metrics including KYC onboarding, transaction history, behavioral patterns, and customer attributes, we enable financial institutions to identify high-risk customers and tailor risk management strategies accordingly.
Risk Classification
Our risk classification solution supports customizable risk scoring models, allowing you to define risk thresholds and criteria based on your unique risk appetite and regulatory requirements. Through continuous monitoring and analysis, we provide insights into evolving customer risk profiles, enabling proactive risk mitigation strategies. Integration with external data sources and threat intelligence feeds enhances the accuracy of risk classification, ensuring comprehensive risk assessment and compliance with regulatory standards.
Scenarios
Our scenario-based transaction monitoring solution supports a wide range of scenarios covering various money laundering typologies and fraud schemes. Additionally, financial institutions can create custom scenarios to address specific risk factors and emerging threats. Real-time monitoring capabilities enable immediate detection and alerting of suspicious transactions, facilitating timely intervention and risk mitigation.
Alert-handling & Case Investigation
Efficient alert handling, case investigation, and due diligence processes are essential pillars of any AML software.
Our solution offers seamless management of alerts, thorough investigation of cases, and comprehensive due diligence capabilities, empowering financial institutions to effectively identify, assess, and mitigate potential risks.
Alerts
With our alert handling module, financial institutions can streamline the process of triaging, prioritizing, and resolving alerts generated by transaction monitoring and suspicious activity detection systems.
Customizable alert workflows and escalation protocols ensure that critical alerts, identified through Transaction Monitoring (TM), Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD), are promptly escalated for investigation. Automated case assignment and routing optimize resource allocation and efficiency, enabling teams to focus their efforts on high-risk activities.
Due Diligence
In addition to alert handling and case investigation, our solution offers robust due diligence capabilities, including Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).
By integrating due diligence processes seamlessly into the alert handling and case investigation workflows, financial institutions can ensure thorough risk assessment and compliance with regulatory requirements.
Documentation and audit trails ensure that due diligence processes are well-documented and transparent.
Transaction Monitoring
Transaction monitoring enables financial institutions to detect and prevent illicit activities such as money laundering, terrorist financing, and fraud.
Our transaction monitoring solution offers comprehensive surveillance of financial transactions, leveraging advanced analytics, AI and machine learning to identify suspicious patterns and anomalies in real-time.
By analysing transaction data from various channels and sources, we enable financial institutions to proactively mitigate risks and ensure compliance with regulatory requirements.
Transaction Monitoring
Our transaction monitoring supports rule-based and anomaly detection scenarios, allowing you to customize monitoring strategies based on their specific risk profiles and regulatory obligations.
With close-to-unlimited ability to tailor scenarios and triggers based on specific data elements and combination of behaviors as well as being supported by AI to find the relevant thresholds – combined leading to a significant reduction in false positives and hence free up valuable time.
External Integration
Integration with external data sources, including sanctions lists, watchlists, and third-party databases, enhances the effectiveness of our transaction monitoring solution by providing additional context and insights into potential risks.
Continuous monitoring, validation, and refinement of models/scenarios through machine learning ensure that financial institutions stay ahead of evolving money laundering techniques and regulatory expectations.
Reporting
Comprehensive AML reporting is a cornerstone of effective AML compliance and enabling financial institutions to fulfill regulatory obligations, communicate suspicious activities to authorities, and inform internal decision-making processes.
Through the integrated nature of the reporting capabilities with the rest of the AML software, financial institutions can easily streamline the process of generating and submitting needed reports.
SAR reporting
Preparing and submitting Suspicious Activity Reports (SARs) to Financial Intelligence Units (FIUs), is a necessary step in ensuring compliance with regulatory requirements and timely communication of suspicious activities.
Utilize AI to generate reports with workflows to facilitate the compilation of relevant information, including transaction details, customer profiles, and investigative findings, into standardized format for submission to regulatory authorities.
Internal reports
In addition to SAR reporting, we are able to provide robust AI capabilities to generate internal reports to support management and compliance decision-making.
Integration with transaction monitoring systems, case investigation, and other data sources enables the aggregation and analysis as well as facilitating identification of trends, patterns, and emerging risks.
Customizable dashboards and visualization tools empower stakeholders to gain insights into AML performance metrics, monitor key risk indicators, and track compliance with regulatory requirements.
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AML Advisory & Managed Service – Sweden & Norway
AML Advisory & Managed Service – Finland & Denmark
