Due diligence solution for beneficial ownership launched

A US-based specialist in Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance solutions for financial institutions says it has launched its Due Diligence Manager solution for beneficial ownership.

Banker’s Toolbox claims its new solution will particularly assist identify ultimate beneficiaries in trade-based financial crime.

Suspicious activity

The solution can be used a standalone system or as an extension of the company’s BSA and AML software, BAM+, which detects and resolves suspicious financial activity.

The beneficial ownership solution features a flexible question builder and provides automated periodic risk reviews according to the developers.

Scenario building

The BAM+ AML software utilises scenarios to detect known patterns of suspicious financial behaviour.

Once detected, alerts are created and managed through a proprietary case management system that provides an appropriate workflow for investigation and resolution.



Categories: Trade Based Financial crimes News

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