IShield – Anti Money Laundering Solution

Under the Money Laundering Regulations 2007 ( 2007 regulations) business are required to establish appropriate risk- sensitive policies and procedures in order to prevent activities related to money laundering and terrorist financing and include policies and procedures which:

  • Detect and prevent money laundering and terrorist financing
  • Comply with local AML regulations
  • Identify suspicious activity and transactions
  • Recognize the severe penalties of non-compliance

 

IShield Software was introduced in the market by Unitek Consultancy Services in 2014. IShield is an anti- money laundering software used in finance and legal industries to meet the legal and compliance requirements for financial institutions and other regulated entities to prevent or report Money laundering activities.

IShield system provides content and information for Compliance monitoring, risk assessment and management and enhanced due diligence for Know your Customer (KYC) norms which includes:

  • Identification and scrutiny of complex or unusually large
    transactions
  • Unusual patterns of transactions with no apparent economic or lawful
    purpose
  • Prevention of use of products favoring anonymity
  • Determination of whether a client is a PEP
  • Customer due diligence i.e., procedures designed to acquire knowledge about the firm’s clients and prospective clients and to verify their identity
  • Internal reporting to the regulatory authorities

 

IShield provides a complete comprehensive easy to use solution which includes appropriate analysis and assessment of risk of clients and services, systems for monitoring compliance with procedures, and methods to communicate procedures and other information to personnel.

How IShield works from Onboarding to Ongoing Due Diligence:

Customer information screening: IShield calls out to all customer data input in Client’s core system.

Validation: IShield supports OFAC, UN, UK, EU sanction List and other watch list checks.

Risk Rating: System enables compilation of a risk score by automatically evaluating the customer based risk through a scoring model which includes risk criteria like customer type, geographical profile, product usage, transaction pattern.

Risk Based Approach : able to define the risk profile of individual customers.

Assessment: Helps Compliance to study the KYC cases, investigate, take appropriate regulatory action

Regulatory reporting: Generates multitude reports for ease of investigation, audit and regulatory filing

Beneficial Ownership risk rating- helps compile a risk score by automatically evaluation using the risk rating model using risk characteristics such as PEP, geographical jurisdiction, etc.

IShield – Features

  • Increases confidence in your organization’s ability to better verify identities, prevent fraud & help you stay compliant with the most comprehensive data- driven capabilities & technology in the industry
  • Identifies high risk individuals & organizations by monitoring transactions for suspicious activities
  • Instant alert to users when ‘Black Listed’ individual or organization transacts a business
  • IShield AML Solution helps the organization to complete the full cycle of identifying a suspicious individual or organization in doing further analysis & finally communicating the information to the statutory authorities
  • Provides archiving & reporting to support audits & examinations
  • Fast & comprehensive tool which helps to strain anti-money laundering
    investigations & perform due diligence research
  • Instantaneous identity authentication, assess financial risk & examine assets & relationships – All with a single, easy-to-use online resource
  • Effective OFAC screening solution can help prevent from doing business with potential terrorists
  • Enhanced due diligence tool searches, uncovers & verifies connections from among billions of public records & delivers actionable results that helps & protects business, reputation & knowing customers inside & out
  • IShield AML Solution employs sophisticated, flexible search technologies to optimize each investigation
  • Searching options available with any piece of the puzzle. There are no mandatory search fields & searches on elements like names of individuals, cities, streets & nicknames are further enhanced by phonetic “sounds like” technology
  • The data source for IShield AML Solution are provided by the following organizations
    • OFAC – Office of Foreign Assets Control
    • EU – European Union List
    • CB – Central Bank List
    • UN – United Nations Sanction List
    • UK – United Kingdom Treasury Sanction List
  • All the respective data’s are timely updated dynamically subject to the Data Provider & the Service Provider

IShield – Modules

IShield AML Solution helps the users identify the individuals or organization that makes suspicious transactions based on certain parameters customizable by the organizations. IShield AML Solution also has another salient feature wherein the exchange itself can configure its own statutory rules & modify those at any point of time.

  • Online Black List Validation (English/Arabic). English With Phonetic (Sounds Like) Function & Normal Arabic Validation (If Arabic Name Exists In Sanction Lists)
  • User Defined AML Configurations/Rules As Per Central Bank Changes
  • AML Cycle
  • AML OFAC/EU/UN/UK/Central Bank – Black List Auto Upload Facility
  • Watch List With Features Like Active/Inactive Watch-List Profiles
  • AML Rules
  • Process AML
  • Compliance Department Alerts
  • STR Alerts
  • Manage STR Branch
  • Manage STR CD
  • Manage STR CO
  • Risk Rate Settings
  • Customer Risk
  • High Risk Country And Nationality Master
  • High Risk Beneficiary Master
  • Standard Reports As Per The Industry & Country Standards
  • Online Name Screening History Log Report
  • FIU Report
  • Process AML Log Report With Details Of Rules Processed & STR Counts Obtained Rule Wise Log
  • IShield Analytics of STR Processed Transactions With Country, Currency, Amount, Nationality Wise Graphical Representation For Management Information Reporting
  • History View Of STR Processed Transaction With Features Like Ageing Period & Option To Send Email Notification To Branch To Complete The KYC Details

IShield – Global Clientele

United Arab Emirates

  • Al Razouki International Exchange Company
  • Mesrkanloo International Exchange
  • Mawarid Exchange
  • Leela Megh Exchange
  • Sharaf Exchange
  • Economic Exchange
  • Aldahab Exchange
  • Al Ghurair Exchange
  • Al Ahalia Exchange
  • Al Dhafra Exchange
  • Al Ghurair International Exchange

Sri Lanka

  • Bank Of Ceylon

Qatar

  • Aldar Exchange For Works
  • Al Zaman Exchange Company
  • Al Jazeera Exchange Company
  • Al Sadd Exchange Company
  • Al Mirqab Exchange Company
  • Arabian Exchange Company
  • Doha Exchange Company
  • City Exchange
  • Ooredoo

Oman

  • Lakhoos Exchange Company
  • Oman United Exchange

Kuwait

  • Filco Exchange Company
  • Lulu International Exchange Company
  • City International Exchange Company
  • Kuwait India International Exchange
  • UAE Exchange
  • Kuwait Asia International Exchange

Jordan

  • Abu Sheikha Exchange Company
  • Musharbash Exchange

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