Velocity-Anti Money Laundering [AML] Solutions Suite...

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Velocity-Anti Money Laundering [AML] Solutions Suite - Key Features

Velocity-AML Solutions Suite helps you comply with

anti-money laundering (AML), Bank Secrecy Act (BSA),

and counter terrorist financing (CTF) regulations. The

solution uses multiple detection methods and

advanced analytics engine for screening, risk rating,

transactions monitoring in very large data volumes

quickly and efficiently. Velocity enables financial

institutions to automatically screen customers for

possible money laundering or terrorist financing

behavior, document the decisions with audit trails and

if applicable creates pre-generated regulatory reports

for filing with the authorities.

High level feature list of the application are:

Sanction List/ Watch List Screening Module-

The system is capable of communicating with UNSCR/OFAC/UK (HMT) lists through web

service to import data from those sites to work offline.

System is capable of screening against any custom lists defines by the regulatory/

institutions.

Available PEPs list for screening.

Integration capabilities with 3rd

part data providers

Built in Workflow for alert management.

Able to perform screening for-

o Before Account Opening/ Customer creation

o Existing Customer Screening

o Swift message Interdiction and screening (Outgoing& Incoming)

o Remittance/Bulk Screening (Foreign/Inland)

o LC Opening

o Bearer Cheque

Velocity-Risk Management Module-

Configurable Risk Model with Out of Box features for Retail and Commercial banks

Efficient new customer on boarding(KYC) and due diligence

Ongoing existing customer risk monitoring and enhanced due diligence

Comprehensive customer risk scoring

Automated workflows and reporting

Incomplete KYC Report

Risk Report

Review High Risk customer detail and Transaction History

Schedule High Risk customer for periodic monitor

Transaction Monitoring& Reporting-

Configurable robust Rule engine

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Custom rule define capability

Efficient data collection and management through ETL Service

Automated CTR, STR generation and validation

Alert management centrally and branch wise

Alert Scoring and categorization

Inbuilt configurable Workflow

Automated CTR, STR e-filing, exporting, and tracks the status Case Management Module-

Workflow capability to manually input cases, assign cases, capture investigation in

Review Memo, obtain second level/manager’s approval, and decision case – all actions are

tracked in action logs with date/time stamps

Workbenches by roles to create, assign, investigate, and approve/decision cases

Ability to perform holistic review of customers with related parties and account

information

Ability to check negative news and public records.

Ability to update many configurable values (e.g. adding LOBs, Case Types etc.) with no IT

involvement

Ability to get reports on key performance metrics, case status and progress, RFI statues, Periodic Reviews due etc.

FATCA Module-

Effective identification, analysis, and reporting for FATCA compliance

Leverages KYC/CIP data and can integrate data from multiple sources

Dynamic alert and case management

FATCA reporting and integration with tax systems

Robust management reporting and dashboards

Features are presented in the system through some workbench for better management:

AML Admin Workbench

User shall be able customize rules

User shall be able to set KYC fields mandatory yes/no by check and uncheck.

Create customer profile dynamically

Configure Sanction list that will follow the bank for searching/screening

Configure PEP list

Configure applicable algorithm

Configure minimum score for matching

Configure Customer Risk level and identification criteria.

Customer Officer Workbench

Incomplete KYC list generation based on

the prior set criteria.

User can on-board new customer

User can perform KYC risk review

User will able to perform new customer

screening

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User will able to file CTR, SAR

User will be able to review customer KYC risk

Automated condition base forward for next level review.

BAMLCO Workbench

Able to view branch wise

screening status and report.

CTR and STR review

SAR filing

Able to screen new and existing

customer

Able to generate incomplete KYC

report

Able to send automated report to

CAMLCO/CCU

Automated condition base

forward for next level review

CAMLCO Workbench

Able to view Incomplete KYC

Report Able to view Screening

status new/existing

Able to investigate Negative

news/ public records

Able to screening new/existing

customer

Able to send automated report to

executive management

CCU Workbench

Able to review transactions of a

customer

SAR and STR filing

CTR and STR review

Customer KYC risk review

Triage alert and file case from an

alert

Report to BFIU

SWIFT Office Workbench

Able to scan view details of SWIFT message

If there are any match in a SWIFT message then he will be able to review the details of

match

Able to view status of every SWIFT message


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SWIFT Approver Workbench

Able to view status of every SWIFT message

Able to generate status wise report


Remittance Office Workbench

Able to upload remittance file and screen

If there are any match in a transaction then he will be able to review the details of match

Able to view status of every transaction


Remittance Approver Workbench

Able to view status of every transaction

Able to generate status wise report


Velocity-AML Transaction Monitoring & Reporting Systems

CTR filing

SAR filing

Automated STR generation based on defined rule

Customizable rule engine

Alert generation, review and filing

Automated case generation

Automated reporting to Financial Intelligent Unit (FIU)

Input Cases

There will be an option to create new customer profile

There will be an option to create new case profile User

Will be able to search detail customer information

User will enter detail case information against the existing customer or new customer

System will validate file formats, file types, records in the file, blank fields and etc. of the

uploaded file

While uploading the files system will check the duplication customer

File uploading option (.csv or .xls files) matching the Customer Profile and Case Input data

fields.

Analyst workbench

Able to create/update/upload

case

User will be able to assign

cases to investigator Able to

view key metrics.

Able to view team status

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Able to search case

Able to view case information in different category like CRR1, CRR2 and Other

Investigator workbench

Able to view key metrics.


Able to search case and customer

information

Able to view case information in different

status like New, Open, Pending RFI,

Pending for Approval etc.

Able to review case and input

investigation data and upload file through

review memo.

Review Cases

Reviewing memo section by section

Merging multiple customers in one

review memo for both existing &

new customers

Account status

Main analysis

WEB API /SOAP to call information from

other data providers (e.g. Acuity) for

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Able to investigate assigned case

considering following area

CIP & Related Party

Negative media

Public records

RFI

Transaction review

Negative Media checks

Retrieve file SAR/STR in specified

regulatory body (e.g. FINCEN in

us/Fintrack in Canada) format

Updating decision in customer and case

profiles

Capturing next review data

Customer Removal Process

Data validation before removing customer

Creating removal case and closing it

Team lead workbench

User will be able to

assign/reassign cases to

investigator

Able to view key metrics.


Able to view team member

vacation/ workload/ and assigned

cases review status

Able to search case

Able to view case information in different

category like Unassigned, pending review and

all cases.

Finally make decision case status as High

risk/low risk/other

Able to close case

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User Administration

User login

Use password change, reset,

expire option – follow PCI best

practices User admin

Customer profile

Case review memo configuration

Referral source configuration

Case types configuration Industry type configuration Option to customize roles and

workflow

Option to customize re-assignment

rules. Re-assign cases to managers

or peers etc.

Option to customize the auto-

assign cases based on investigator

capacity and other business rules

(such as case types, risk based,

priority etc.)

Products configuration

Line of business configuration

Company type configuration

RFI status code configuration

Customer Profile data fields configuration

Case Profile data field configuration

User role configuration

GUI hyperlinks Configuration Review

Memo Section Configuration

Mandatory fields / section Configuration

Configuration for customer types of cases

that require second level approval

Configuration for when a case workflow is

closed vs. kept open or pending status

Report Requirements

Able to generate graphical report

Able to export report data in

Graphical representation in report like

Dashboard, Aging status, Trends etc.

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xls/csv file Able to import data from xl/csv file Customized dynamic report layout

generation based on user

requirements by choosing

reporting data fields Graphical presentation in reports

like pie chart, bar chart and etc.

Able to save report as template for further

use

Able to generate report dynamically by

selecting/deselecting columns.

Integration Workflow with CBS (Web Service)

CBS AML

Customer Creation Screening

Ph

ase

Ph

ase

Start

Customer Entry

Call AML ServiceCustomer Screening

Process

Result/Status Clear Alert

Full cycle of AML

End

Save

Prevent Authorization of

Blocked customer and Authorize

Released customer

Screen CustomerAML Service

CBS Service Released/Block

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Some Screen Shot of Velocity-AML Solutions Suite

Fig: AML Admin Workbench

Fig: AML Admin Workbench

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Fig: Customer Officer Workbench

Fig: On demand Screening Result

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Fig: Manual File uploading

Fig: BAMLCO WorkBench

Fig: CAMLCO WorkBench

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Fig: TMRS Admin Workbench

Fig: TMRS Admin Module

Fig: TMRS BAMLCO Workbench

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Fig: TMRS Customer Officer/Tailer Module

Fig: TMRS CCU Workbench

Fig: TMRS CCU Module

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Fig: Remittance Officer Workbench

Fig: Swift Officer Workbench

Fig: Customizable Report

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Minimum Software, Hardware & Environmental requirement

Software requirement

Operating System : Windows

Web Application Server : Microsoft Internet Information Service (IIS) 7 or above

Database : MS SQL Server 2008 R2 or above

Browser : Mozilla/Internet explorer/Chrome/Microsoft Edge

Hardware Requirement

Database Server

Brand IBM/Dell/Any other

Processor

Intel® Xeon® Processor E5-4600 Series 10 or12 Core or equivalent

RAM 16/32 GB ECC DDR3 [Base on data volume]

RAID Controller Supports for RAID 10/5

HDD 4 x 500 GB SAS HDD or equivalent

Ethernet Port Broadcom NetXtreme 1 Quad Port Gb EAdapter

Power Supply Unit Dual Power Supply

Application Server

Brand IBM/Dell/Any other

Processor

Intel® Xeon® Processor E5-4600 Series 10 or 12 Core or equivalent

RAM 16 GB ECC DDR3

RAID Controller Supports for RAID 10/5

HDD 4 x 500 GB SAS HDD

Ethernet Port Broadcom NetXtreme 1 Quad Port Gb E Adapter

Power Supply Unit Dual Power Supply

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List of AML Clients

Velocity-AML Solutions Suite: List of Leading Clients

Agrani Bank Limited

Mercantile Bank Limited

Social Islami Bank Ltd. (SIBL)

Meghna Bank Limited

Jamuna Bank Limited

United Commercial Bank Limited

Rupali Bank Limited

Royal Bank of Canada

TDBank Group

Santander Bank

Landesbank Baden-Württemberg (LBBW)

As on February, 2017

Velocity-Anti Money Laundering [AML] Solutions Suite...

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