integrum delivers powerful Anti-Money Laundering (AML) compliance systemDecember 16, 2019
integrum Risk & Compliance system is providing a powerful Anti-Money Laundering (AML), Fraud & Corruption compliance system for the banking and finance sector in high risk industries.
Many cash economy industries and activities operate in potential high risk money laundering environments. This poses a challenge for the banking and insurance industries to offer traditional services, such as simple bank accounts, transaction assistance, and insurance products, while ensuring appropriate AML compliance systems are in place to monitor, track and identify potential breaches.
integrum, in conjunction with our North American partner, has developed an AML compliance system to track transactions and cash payments linked to purchases, products and customers. In the case of cash payments this includes the ability to capture serial numbers of individual bank notes.
Using integrum’s business intelligence analytics, trends and outliers can now be identified in near real time to signal and notify potential money laundering or other breach activities.
The patent pending technology devices provided by our partner offers point of sale devices for linking the retailer, product, customer and bank notes of the cash transaction. Integrated into integrum’s platform the data is captured and uploaded to provide a powerful AML compliance tool.
In such a way integrum has produced a solution for the banks and insurance companies to offer services to a large market globally that previously was denied their services while minimising risk and assisting compliance.