This module facilitates the processing and collation of the necessary KYC documents by linking clients to those documents at the time of entering into a customer relationship.

 

Information can be collected and managed on all client types, (i.e. companies, trusts, partnerships, individual persons). The type of documents and data captured can be customised to suit each company’s specific requirements. This documentation can be mandatory or optional, depending on the configuration of the product.

 

The documentation can be aged, electronically verified, reported on, (i.e. missing documentation reports), and reviewed on a regular basis. All documents captured by, (i.e. scanned into) MLTrac are permanently held and aged within the product, with specific review dates, (regular or random) set by the operator.

 

New documentation can be introduced at any time, and older documents can be replaced with more current versions. There is no limit to the number of documents that can be stored for each client, (apart from obvious storage issues that may arise).

 

MLTrac will link any document/s image/s with a client or entity for the duration of the relationship with that client. Document reference numbers (eg passport numbers) can be captured and used during the electronic verification process.

 

The MLTrac KYC module has the ability to risk weight a customer when that client is first inputted into the system. Certain fields i.e. industry, country of residence etc) carry user definable risk weightings. These fields and weightings are customer definable and give the operator an overall risk weighting to determine the customer profile.

 

MLTrac will also record the beneficial owner as well as map other complex corporate relationships and structures.

These, and other features, help reduce the possibility of penalties being imposed by Statutory Bodies and streamline the KYC process

This module, (either stand-alone or when incorporated within other MLTrac modules) gives the ability to perform a database sweep every time a sanction list changes.

 

This functionality provides a comfort zone by ensuring all of the banks clients, both new and existing, are regularly re-checked for continued compliance.

The IFS Account Monitoring module enables compliance teams to monitor movements across accounts, effectively and efficiently searching for suspicious movements. 

 

Default profiles can be established for individual entities or for business types to ensure effective monitoring takes place. On a daily basis a movement file from the core system is scanned for activity that is outside the defined parameters set for the target account/s, i.e. exceptional number of transactions or exceptional dollar values.

 

These exceptions are then reported for the AML officer to review.

This module checks all payment messages coming into or leaving the bank against watch lists and suspicious payments are quarantined pending approval.

 

The ability to create the organisations own "Sanction List" or the organisations own "Approved List", provides fast and efficient message checking with minimal false positives.  

 

Full workflow functionality (including escalation) facilitates smooth processing of items requiring intervention.

For the many institutions that originate from a country with a large overseas population the problems associated with accepting cash for remittance back home when taken against the potential ramifications of anti money laundering legislation means that the business is very risky and, often, not worth doing.

 

The Cash Remittances module does away with this fear. Information concerning the remitter is maintained as part of the KYC Documentation Management module and is displayed and made available to the teller at the point of capturing data.

 

A full record off all remitters and beneficiaries is maintained. Limits can be placed upon the individual remitter and upon the ultimate beneficiary (irrespective of source). The resulting SQL database can be interrogated for unusual payment patterns.

MLTrac integrates seamlessly with most systems and with the full IFS product range including BankWare (Core Banking), iBank (Internet Banking), and SMS Banker (Mobile phone banking).