End-to-end Solution

Base60 AML facilitates financial institutions in detecting and reporting any illegitimate activities; thereby prevents the fraudulent customers from uttering anymore-mischievous acts. Base60 AML has an enterprise wide approach in tracking and monitoring transactions focusing at hindering the persevering money laundering activities, efficiently and effectively. Base60 AML enables the financial institution to trace out the laundering activities of its customers by its dynamic rule based scenarios.

We claim Base60 AML as a complete end-to-end AML solution as it enables banks to achieve the below seamlessly using the best practices in the industry,

Seamless Profiling

Enable profiling with continuously and quickly deployable rule engines and define both customer and transactions based profiles seamlessly.

Minimal Impact on Business

Fully comply and yet have minimal impact on business by having a combination of 'near-real time' and 'batch' Transaction processing.

Alert management

Manage the exceptional transactions/accounts using the configurable alert management module.

Complete Compliance

Achieve complete regulatory compliance quickly and cost effectively.

Rapid Deployment

Reduce effort of implementation by providing extensive lists of parameters, risk thresholds, business rules and customizable templates.

Business Benefits

Base60 AML enables integrated AML lifecycle management while delivering insight across the customer lifecycle to ensure efficient and cost-effective AML operations for a positive, holistic customer experience. Base60 AML management solution is modular and can be tailored to meet specific client's needs.

Banks powered by Base60 AML again the compliance assurance and seamlessly achieve the following business benefits,

  • Meet country-specific, stringent central bank regulations
  • Streamline the KYC process
  • Identifying the customer, by defining the profiles based on specific customer segments, products, geographic regions and businesses
  • By using the Dynamic Rule based profiling, allows the users to efficiently manage the future changes to the business requirements
  • Aggregate, normalize and cleanse customer data,
  • Perform initial checks quicker, by streamlining of complex business processes, reducing overheads and the time taken to complete the identification and verification process
  • Automate the current manual case management process by using the dynamic configurable workflow
  • Effective allocation of resources using Alert Management
  • Handles high volume transactions
  • Flexible to adapt to changing legislation

Features

Base60 AML, with the industry proven technology, enables Banks in complying with AML process requirements and helps achieve enhanced security against Money Laundering activities.

With Base60 AML solution, Banks and financial institutions can equip their systems with the following key features,

Customer Profiling

  • Collection of transaction activity at the time of opening an account
  • Investigating all aspects of the customer profile and assigning risk rating / risk score
  • Peer Grouping the customers into different risk categories (high risk, low risk, etc.) for effective activity/transaction monitoring
  • Comparing lists for prospective high-risk customers known to be susceptible to money laundering
  • Case-Searching by branch, officer attending the case, case status (STR, False Positive, Clean, and White List), Case Type (KYC, TXN), Investigation Status (Not started, In Progress, Closed), Case Id and with Date range
  • Reopening a closed/concluded case - Base60 AML facilitates the re-opening of cases by authorized users for any ground reason

Watch list Maintenance

  • Analyze data from watch lists published by various watchdog agencies like OFAC, FATF, FBI, UN etc.,
  • Choose and drive watch lists by the regulatory needs in various markets that financial firm operates in.
  • Generate reports based on Multiple criteria - Source, Transaction Type, and Match with (Watch List Country/Name) along with date range
  • Schedule Automatic watch list report generation

Linker Analysis

  • Investigate relationships between separate entities involved in financial transactions and unearth any suspicious activities
  • Perform Metaphonic and Direct searches while finding the customers to link
  • View and track the De-Linked customers

Transaction Risk Measurement

  • Measure inconsistency in the pattern of transactions against the stated original purpose of accounts
  • Configure Transaction Rules to generate reports using 'Dynamic Transaction Report'
  • Configure and manage rules on Dormant, Threshold, Account to Account, Input Scenarios and generate instant periodic reports
  • Configure Customer, Account, and Transaction reports freehandedly using Report Layout feature

Integrated Alert / Case Management

  • Browse, filter and sort list alerts and assign them to corresponding user for the further actions
  • Enhanced display of alerts
    • View Approval History, Transaction Details, Scenario Details, Customer Details, Watch Lists, and Parent case information in multiple tabs
    • View Branch Code with Branch name in the Alert investigation page
    • View Case Id in the Alert investigation page
    • Upload files in Alert investigation page
  • Monitor/track all the alerts starting from assigning to closure of the alert
  • Configure custom alerts based on different user groups
  • Define custom workflows based on the type of alerts and the actions to be taken
  • Prioritize alerts based on the risks associated with each of them
  • Study the pattern of suspicious activities reported and take proactive measures to mitigate them
  • Receive SMS notification on alerts that need the compliance officer's immediate attention
  • View and print total credit and total debit in Transaction Enquiry result page

Regulatory Reporting

  • Configure and generate various regulatory compliance reports
    • Suspicious Transaction Report (STR)
    • Cash Transaction Report (CTR)

By deploying the Base60 AML, our client banks have dramatically reduced their cost and effort involved in Monitoring, Investigating and Regulatory reporting of suspicious transactions.

Base60 AML is a robust solution built on latest technology with Service Oriented Architecture; it is a web based solution with an enterprise wide approach that analyzes both the client profiles and all of their transactions using Rules based scenarios, Patterns and Monetary Thresholds. Base60 AML is built on J2EE architecture, thus, help banks achieve greater convenience and ease of use and achieve faster roll-out with minimal infrastructure investment.