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:
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:
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.
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 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.
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