With Central Banks and regulatory bodies keen on curbing the money laundering and terrorist financing, the banks require tracking and reporting of any unusual banking activity that might be deemed as suspicious. Failure to adhere to these strict federal guidelines can have severe results, including damage to the Bank’s reputation, market capitalization, as well as its customer perception and loyalty.

Financial Institutions for years have deployed Anti Money Laundering solutions that works based on fixed rules and thresholds. But as new money laundering schemas emerge regularly, these first generation solutions are not scaling up to uncover them, hence financial institutions are at a high risk of being used by customers for money laundering activities.

With Financial Institutions keenly looking for a second-generation solutions, Base60 with its vast technology advantage offers solutions that not only meet the expectations of today’s compliance world but also scalable to the future market demands.

With Base60’s second-generation AML solutions, Financial Institutions can address various risks starting from Client Risk Assessment to Transactions Risk management. Its solutions performs Customer Identification process by not only verifying against the different watchdog agencies like OFAC, World-Check, UN, FBI, EU, and many more, but also provides option to manually add the customers into watch list.

Its Peer Grouping facility allows profiling of the customers into different categories based on his/her Industry, Financial Status, Education, Source of Funds, etc., this in turn allows the compliance officers to assign different risk ratings and monitor the customers’ day-to-day transactions in a more efficient way.

Base60’s solutions edges its competitors in market using their high end domain and technology blend features like Due Diligence, Enhanced Due Diligence, Rule-based Detections, Behavior Analysis, Case Management, etc. Using its world-class neural network engine it builds fraud patterns and develops self-learning mechanism.