ITShastra's RxOffice® AML is a state of the art money laundering and fraud detection solution to streamline detection, monitoring and investigation operations. It is customized for insurance, banking and capital market intermediaries like brokerages and mutual funds. The product is equipped with critical regulatory reports such as STR, CTR, NTR, CCR and CBWT.
With ease of Suspect Search & Know Your Customer features, it helps banks and financial institution to keep a tight watch on people involved in money laundering activities. RxOffice® AML enables integrated AML lifecycle management, while delivering insight across the customer lifecycle to ensure smart and cost-effective AML operations for a positive, holistic customer experience.
- Data screening and analysis in real time and offline mode
- Screening against various pre-configured UNSC sanctioned list like OFAC list, UN - Al-Qaida sanctions list, UN - The 1988 sanctions list and custom lists provided through RBI, FIU, SEBI, NSDL, CDSL, IRDA and IBA
- Mechanism for continuously monitoring the updates in these watch lists and updating customer systems with it
- Incremental screening takes care of 2 fold approach, wherein changes in watch list are scanned against customer database and changes in customer data is scanned against watch lists
- Whitelisting feature avoids tagging trusted customers being suspicious. The blacklisting allows tagging a particular customer as suspicious, based on evidence
- Customer Integrated View provides details of customer and Joint holders, their accounts and transactions. It also provides critical data for decision making like KYC compliance, NRI / NRE, Risk code, Political Exposure flag etc.
- Customer categorization as per their Risk Level. E.g. politically exposed person (PEP)
- Transaction monitoring against FATF and RBI Screening rules, which mandates to monitor deviation from normal behavior and sudden surge in transactions etc.
- Identifying & managing suspicious transaction events through configurable Business Rule
- Define Transaction Screening Rule with interactive editor
- Open architecture to integrate information from external government and private agencies like Police, Tax department, RTO& other banks
- Integrated with Finacle and compatibility with any other CBS for fetching customer data and daily transactions
- Financial tree explorer for complete view of customer portfolio
- Regulatory reporting with key report like:
- Walk In customer report
- Role based dynamic dashboards
- Role and rule based authorization