Anti-Money Laundering Monitoring System

For top banking institutions, quality data is key when it comes to satisfying and complying with the rigorous controls of Anti-Money Laundering (AML) regulations. Immediate and consistent results are a must, and the data quality has to be wholly correct right down to the very last record.

The urgency and imperative nature of these demands meant that our customer needed to organise and automate all their archives dedicated to AML information, ready to provide their data to a centralised computer archive. A reliable and robust solution capable of giving this bank a cost-effective and efficient way of meeting the AML demands was needed – and it was needed fast.

That’s why Irion was the perfect match for their needs– as we’d in fact proven already.

The Solution – Irion

Our client already understood the excellence of Irion, as it had already proven to be successful within their organisations in different departments. It was already being used to:

  • automatically acquire and normalise data
  • flexibly define matching rules
  • design custom-made user interfaces that can monitor data reconciliation and data analysis

The client already had first-hand evidence of how Irion’s teams’ strong experience within the banking and financial industry ensured they could easily understand business requirements and translate them into application solutions, reducing costs and risks in the process. It meant we were the natural choice.

This time, the objectives of the solution were to:

  • Define value controls for metadata and its movement across different business systems;
  • Guarantee maximum flexibility in the verification thresholds and for new controls;
  • Automate stream imports with the operation registrations and metadata, both on the accounting side and computer archive side;
  • Automatically elaborate all controls;
  • Perform interactive data analysis and structure reporting to distribute to the designated area
  • Guarantee maximum traceability and reconstructability of the process over time.

Irion considerably reduces the initial “traditional” phase of analyses by using faster cycles based on brief sessions of analysis, prototyping and design review. This approach guaranteed a reduced time to solution; it allowed energies to be focused on the client’s needs without spending energies on unnecessary technical issues and infrastructure. Thanks to Irion, the need for reworking and tuning is eliminated, and project costs are kept low.

The Benefits

Thanks to Irion, our client can now:

  • Safely store metadata in a structured repository
  • Display a UI for analysis where users can verify results, manage exceptions and make notes for action
  • Store results in repositories with elaboration results and logic calculations
  • View graphic trends in a dashboard
  • Provide structured reports tailored to business needs.

They have a fast and cost-effective solution with an internal system that can define matching rules between ledgers and the anti-money laundering archive, automatically performing data reconciliation according to business criteria. This flexible and robust system allows the user to modify filters, thresholds and matching keys.

Our client now enjoys highly efficient and accurate reporting with full traceability and re-constructability – even for the largest of data volumes. This type of tracing allows the process to be easily reconstructed and it is possible to simultaneously work on different ledgers without a risk of overlapping.

The solution is incredibly flexible and provides fully automated data advantage, ensuring complete compliance with banking regulations at all times.

It’s exactly what they were looking for.