AML – Anti Money Laundering

1.6 trillion USD

According to a recent United Nations study, annual money laundering amounts to approximately USD 1.6 trillion, equivalent to 2.7% of global gross domestic product.

Adding Continuous Innovation to Compliance Processes

In an environment of constant innovation in fraud mechanisms and high compliance costs, Quidgest’s Anti-Money Laundering (AML) solution focuses your efforts on compliance, as well as supporting the continuous evolution of legislative changes.

Reduce operational costs, reputational risk, and the chance of high fines for non-compliance with the Quidgest solution.
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The Weight of False Positives

AML solutions go far beyond the need to meet legal obligations. These tools are fundamental to ensure that terrorism is not financed and that there is no evasion of taxes, which are essential to guarantee the financial health of societies and support the most unprotected sections of the population.

Institutions which – through ignorance or a lack of solutions – fail to meet their obligations will not only be supporting fraud, which hampers the mission of making societies more just and inclusive but could also be intermediaries between financiers and dangerous terrorist groups.

Moreover, if money laundering crimes are reported, institutions that make them possible, even passively, run the risk of suffering high reputational losses, which usually translate into a substantial decrease in the stock market value of their shares and a loss of new clients.

In order to comply with the legislation, institutions required by law to have AML systems know that the financial burden of adjustments does not only arise from the acquisition of technology that supports signaling. On top of this comes the need to have human resources allocated to assessing suspicious cases – more than nine out of ten are false positives.

AML false positives

This factor represents a burden on Management, which has to have a large team to deal with this need.

QUIDGEST’s SOLUTION: reduced workload and compliance at reduced costs

Quidgest’s solution proposes three advances to the traditional modus operandi of institutions:

  • DECREASE IN FALSE POSITIVES

    The decrease in false positives through machine learning, which substantially decreases the workload and, consequently, the resources needed to assess flagged cases.

  • REDUCTION OF COSTS

    The reduction of costs with initiatives to comply with published laws due to the agile nature of the platforms developed by Quidgest, whose innovative way of developing software transforms changes – whether small or considerable – into efficient processes. Added to this is the efficiency of creating new solutions.

  • INTEGRATION

    Simple integration with existing systems.

Whether in the financial market or the regulatory environment, we understand the challenges of working in this sector, and we are ready to help organizations stand apart from the competition. Make regulatory processes faster and reduce the resources allocated to this aspect of business with Quidgest’s AML.

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Solution Workflow

anti money laundering workflow

ADVANTAGES OF QUIDGEST’s AML

  • Intuitive interface

  • Simplification and standardization of AML procedures

  • Decrease in operational costs resulting from the optimization of procedures

  • Significant reduction in false positives

  • Accuracy in the identification of potentially suspicious situations

  • Elimination of subjectivity in the evaluation

  • Support in the calibration of internal policies

  • Facilitation of audits

  • Provision of necessary evidence

  • Flexibility in the ETL process

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Knowledgebase

COREP/FINREP

With the standardization of regulation, there was also a need to implement reports with uniform requirements and definitions through the Common Reporting Guidelines (COREP) (…)

BASEL III AGREEMENT

The international financial crisis has exposed the weaknesses of the regulatory system of financial markets and demonstrated inefficiencies in risk management procedures in the financial sector. (…)

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