In today's financial landscape, adherence to Anti-Money Laundering (AML) regulations is non-negotiable. Banks must uphold stringent mechanisms encompassing fund transaction scanning, AML compliance, and comprehensive Know Your Customer (KYC) practices. Enter ONFTECH - IAK, your trusted solution to ensure compliance with the ever-evolving global standards. Let's dive into the power of our Scanner Module.
The Scanner Module within ONFTECH - IAK empowers banks to effortlessly comply with AML regulations as mandated by SAMA (Saudi Arabian Monetary Authority) and global governing bodies. Here's how we do it:
- Every incoming and outgoing transaction is meticulously scanned, leaving no room for oversight.
- Transactions that meet compliance criteria are swiftly released for further processing.
- Transactions bearing any semblance to blacklisted entities are held, ensuring meticulous scrutiny.
ONFTECH - IAK's Scanner Module encompasses an array of blacklists to bolster your compliance efforts. Our integrated blacklists include:
- OFAC (Office of Foreign Assets Control)
- EU (European Union)
- SAMA (Saudi Central Bank)
- Bank’s Head Office
- UN Security Council List
We go beyond the basics, offering a host of advanced features, including:
- Blacklist Management
- Automated or Manual Blacklist Updates
- Human Intervention Mechanism for Transaction Data Matches
- Customizable System Parameters to Calculate Match Ratings
- Instant Email Notifications for Match Cases
- User, Group, and Workflow Management
- Seamless Support for Transactions in Arabic and English
Our Scanner Module empowers banks to achieve remarkable objectives:
Automated Transaction Filtering: Minimize manual intervention, boost response throughput, and enhance efficiency.
Smart Routing: Automatically forward transactions with blacklist matches to relevant teams based on transaction metadata.
Reduced Human Error: Automation ensures data accuracy, reducing the risk of human error.
