Anti-Money Laundering & Counter Terrorist Financing
EastNets’ innovative anti-money laundering and counter-terrorist financing solutions employ state-of-the-art machine learning capabilities and artificial intelligence, making them flexible, configurable, and highly effective– which is why they’re currently being used by more than 600 financial institutions and organizations across the globe.
Today, global financial transactions happen faster and more frequently than ever before – which means that filtering all these transactions, payment messages, and customers has never been more challenging. These challenges are compounded by an increasingly complex, ever-changing regulatory environment, meaning that financial institutions need real, comprehensive solutions for screening and filtering transactions.
Most financial institutions update their lists only once a day to avoid disturbance of their screening process. Watchlist service providers would add, remove or change an entity and upload the revision to their FTP/HTTPS server. This is usually done in batches and every 6-8 hours. The most common practice for a financial institution in updating watch lists is to do it manually. Conventional watchlist update processes leave institutions exposed.
Sanctions may be leveled against entire countries, individuals or entities. thus sanction list updates are of paramount importance to watchlist screening systems at financial institutions. The current approach for sanction-list-updates, conducted between the list service providers and the FI, poses a number of risks. To address these risks, EastNets has developed ChainFeed™, an industry-leading blockchain-based watchlist update solution that not only eliminates these risks but also makes the process faster and much more secure. For FI's using our en.SafeWatch Filtering application, ChainFeed™ updates watchlists seamlessly, in real-time.
By using ChainFeed™, EastNets SafeWatch Filtering users can enjoy the “by design” characteristics of blockchain technology and benefit from major enhancements to the watchlist update process.
The tools and tactics used by financial criminals, money launderers, and terrorism financiers are becoming more advanced and complex with every passing day – and the fight against them has never been more critical. With the pressures that international regulatory bodies place on financial institutions to combat these issues, meeting these increasingly complex requirements can be both daunting and costly.
In today’s complex banking landscape, there are a number of international ‘know your customer’ (KYC) regulations imposed on financial institutions, from FATF recommendations to the fourth EU directive on AML/CTF regulations, to the U.S. Patriot Act and other country-specific regulatory frameworks. Monitoring both new and existing customers against this complicated regulatory environment is a challenging and time-consuming task for most financial institutions, but has never been more critical.
en.SafeWatch360 Transaction Risk Radar
For financial institutions, screening and monitoring transactions against watch lists and tracking suspicious behavior is an increasingly complex and resource-consuming task. Along with the incredible speed and scale of the global financial sector, FIs must deal with a highly intricate and frequently changing regulatory environment. More often than not, when cases of money laundering or fraud are detected, the financial institutions involved have already accrued significant losses. Meanwhile, the methods and techniques used by financial criminals are continually evolving, and most monitoring and compliance solutions struggle to stay ahead of the curve – especially while still maintaining operational and cost efficiencies.
Financial institutions need to be able to monitor, investigate, and respond to potential cases of fraud and money laundering with intelligence and agility – and in such a complex, fast-paced transactional and regulatory environment, it’s a constant uphill battle.
In 2016, International trade was valued at US$ 15.46 trillion and the growth rate is projected over two percent annually. What this also means is an environment for abuse – trade-based money laundering (TBML) accounts for hundreds of billions of dollars of illegal money flows annually. It’s no surprise that TBML is highly sophisticated and, as it hides its activities amongst massive volumes of legitimate trade, it’s difficult to uncover