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AML Solutions- To Combat Financial Frauds

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AML Solutions- To Combat Financial Frauds


Digitization has not only exposed businesses to new opportunities and technical integrations but also to scammers. To bypass a customer verification program is not that much of a task anymore whether it’s for a single person or a firm, due to poor KYC processes and AML solutions.

A monitored framework in the financial and corporate organizations manages and observes the flow of transfer of funds on a consistent basis to prevent violations like money laundering. The screening of (Anti Money Laundering) AML solutions during and post the automated KYC verification provides updates on the status of a client and on the volume of transaction of funds to maintain compliance and order.

Screening of AML Solutions

Performing an AML check is even more convenient than online client authentication. After the prospect transfers the charters of his/her ID and other relevant documentation, the automated validation program facilitates the business or financial institute with a fresh AML track record in mere moments.

The AML solutions display the status of the concerned individual prospect or a company by entering the name and date of birth on the IDV platform and the updated record gets visible to the verifying party, the conclusion recorded helps them in making onboarding decisions swiftly.

Prime Targets of Money Launderers

Online Gaming and Gambling

Many fraudsters take cover by tricking vulnerable and inexperienced minors from social media and e-gaming platforms and extricate substantial data from them by acting as the authority from the specific game or gambling platform and with personal data attained, they transfer or convert their money by stepping on someone else’s shoulder. The KYC verification identifies imposters and in other scenarios, AML solutions prevent genuine customers with illegal plans or actions as any phishing business observed by financial watchdogs or regulators can destroy a concerning gaming or casino’s image. Not only online but actual ones can also conduct verification via AML solutions and monitor funds movements.

In Macau, stock prices of a casino crashed and arrests were made on the discovery of money laundering, Wynn Macau lost 7.8% and share prices of Sands China decreased by 5.3%

Banking and Insurance

Financial enterprises like banks and insurance companies are the first and last places where a money launderer remains active. AML solutions here help the concerned authority to examine the risk level of the prospect. In AML screening, the system notifies the bank about the involvement of his/her name in any prohibited or warning list by any financial watchdog like the FATF or anyone else. The absolute history showcased help in calculating the rating and for ongoing monitoring.


The financial scammers and imposters usually divert towards digital currency exchanges for making the substantial transactions unnoticed and unmonitored. There are quite a few decentralized exchanges that without absolute customer verification or screening via AML solutions allocate a crypto trading account like Bitcoin ATM and others. A systematic AML verification in virtual platforms can prevent the image of the platform from getting destroyed and can proceed with zero fear.

Standout Features of AML Solutions

Ongoing AML Monitoring

The role of AML solutions does not end with the KYC verification, the automated program protects the concerned business by performing consistent surveillance over the activities of transactions that the client is making. Every single account is marked with a specific risk rating and a threshold amount on the basis of the initial results of AML solutions.

When the customer makes any transaction beyond the threshold range, the authority gets updated with the transfer. The AML solutions capture the details of the over-limit transaction and construct a report of the transfer funds that indicate risks of money laundering, referred to as SAR (Suspicious Activity Report)

AML Security of Data

As many people get reluctant before handing over their data to companies and online platforms, getting concerned about what it might be used for? Or are they compromising their privacy? Businesses are responsible to ensure that the data remains in safe storage and never gets used for an undefined purpose. The AML solutions provide all of the information and sanction reports and erase them from its back-office immediately to make sure that the data is contained in limited and concerned storage units.

Matrix of AI Models

The AML solutions with an enormous chain of different AI models provide a high level of accuracy and swiftness. The coupled modules make an authentic verification system capable of spotting any suspicious activity or characteristic.


The AML solutions are an imperative part of customer authentication and its constant surveillance as it keeps the concerned business or financial institute aware of any alteration in the AML history of the customer so the analysts can strategize their plan in order to maintain compliance with government authorities and secure the assets of customers. The AML solutions are a must for every business whether it’s gaming, commerce, crowdfunding platforms, and so many more.



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