Webinar Recap: CaseWare AML Compliance 5.4 Launch
Earlier this week I hosted a webinar to announce that the newest version of the CaseWare AML Compliance solution is soon to be released. I discussed the new and exciting features included in this release, which will make anti-money laundering (AML) compliance efforts even easier. Here is a brief recap of the event.
When planning a release, we shape it around a set of themes and goals. For this release, we focused on three things:
- Making the solution easier to use and helping make it less costly for our clients to comply with regulations
- Providing smarter detection with advanced analytics
- Offering the tools needed to complete more thorough investigations
With these goals in mind, we enhanced the platform in the following ways:
goAML and other regulatory reporting features
Given the increasing adoption of goAML—an integrated database and intelligence system that collects, analyzes, reports and manages potential money laundering and terrorist financing incidents—the solution now supports goAML reporting. It automatically identifies and populates goAML regulatory reports from its data analytics engine, validates the information and manages report submissions using its flexible workflow and case management capabilities. It’s a seamless and makes compliance for many jurisdictions faster and easier.
Regulatory reporting enhancements
The solution now offers automated file attachments, including transaction history, emails, scanned docs, and more. For example, if you’re a money services business (MSB) and submit a suspicious transaction report (STR), you’re required to submit 30 days of transaction history around that customer. That is now fully automated, with the solution attaching and including those files with your submission.
Version 5.4 of the solution offers a new Google-style enterprise search that’s not just searching cases, alerts and regulatory reports, but also other sources of data such as export control lists. Fuzzy matching has been dialed down in order to generate fewer, more focused results. However, the solution can be configured to increase fuzzy matching if desired.
Real-time onboarding due diligence
Customers can now be screened in real-time to gauge risk levels, reducing the number of post-customer acquisition investigations, detecting issues earlier, and blocking high-risk customers from being onboarded. The solution then sends an alert to the compliance team that indicates why the customer was blocked. The compliance team can then investigate to confirm or override the decision.
Workflow decision learning
If a transaction is exactly the same as a previous one, why must it go to compliance each time to make the same decision? CaseWare AML Compliance can be configured to learn how alerts have been transitioned in the past and then reapply those decisions to future alerts. This feature is highly configurable, and offers the option to break decisions. The more decisions you make in the application, the better it gets at learning what decisions to make and apply going forward.
Advanced analytics models
A rules-based solution is no longer enough to detect fraud and other financial crimes. In recognition of this, our solution fuses rules-based analytics with anomaly detection and predictive analytics using methods such as clustering, data/text mining, machine learning and network analysis, to detect suspicious activity sooner and more accurately.
About Andrew Simpson:
Andrew Simpson has close to two decades of experience in the information systems audit and security business; specifically data analytics, interrogation and forensics. He is a regular contributor to various auditing conferences and is acknowledged as an expert on continuous controls monitoring and revenue assurance.
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