Money laundering can cause significant damage to a bank’s reputation, bottom line, and ultimately shareholder value. While financial institutions have invested significant resources to mitigate this issue, compliance teams still suffer from high false positive rates, missed detection, and inflexible systems. Effective AML monitoring and detection remains a challenge, and regulators continue to levy costly fines against banks and credit unions.
Memento AML detects and helps prevent money laundering activity while ensuring compliance with constantly evolving AML regulations. Through proactive monitoring, detection and investigation, your bank can quickly and accurately identify incidents of money laundering, take the appropriate action and provide the necessary reports both internally and externally.
Key capabilities of Memento AML include:
Proactive Account and Transaction Monitoring
Memento’s innovative approach to account and transaction monitoring makes it easy to combine customer, account and cross-channel transaction data to accurately detect and alert on AML activities such as structuring, layering and reintegration.
Watch List Checking
Monitor account activity and check against relevant watch lists, including the OFAC SDN list, 314a lists, and other relevant black/white lists. Perform ad hoc queries for matches against data such as SSN.
Reporting
Build detailed and summary reports to meet internal and external AML/BSA reporting requirements.
Case Management
Memento Case Management enables efficient, next-generation case tracking, reporting (including automated SAR creation) and investigative capabilities.