Anti-Money Laundering

Anti-Money Laundering (AML) Services

Achieving a balance between AML compliance and operational efficiency has never been more challenging.

As regulatory and operational AML demands continue to grow, financial institutions are constantly challenged to do more with less. The increase in the variety of channels available, velocity of asset-flow, and a shift in how accounts are viewed and used by customers present major challenges to all firms. Regulators continue to expand enforcement of AML regulations on an ever growing range of businesses, jurisdictions and asset types, and place increased scrutiny on compliance across the customer lifecycle. At the same time, budgets are restricted, operations constrained, and qualified staff is in high demand.

To help financial institutions address these challenges in the most efficient and cost-effective manner, Matrix-IFS has developed a unique methodology which focuses on delivering practical, creative and achievable solutions. We approach each project with a blend of understanding and advocating the bank’s compliance and business objectives; a pragmatic assessment of operational, technology, and budget constraints; agile and transparent project management methodology; and a can-do attitude.

The Matrix-IFS Anti Money Laundering Practice is comprised of AML business and technology experts with many years of experience delivering quality solutions to global financial institutions under tight deadlines and budgets. 

We offer a full range of AML advisory and system integration services:

  • AML Strategy, Risk Assessment, Analysis and Design
  • System Implementation, Enhancement, Tuning and Optimization
  • Documentation, Training, and Regulatory Review Preparation

 

The combination of our team’s deep expertise and result oriented methodology enable us to deliver unparalleled value to our clients. 

We provide professional services at each stage of the implementation life cycle, and specialize in helping banks maximize their technology and staffing investments through system enhancement and operational optimization. From the initial project scoping through production delivery and ongoing support, we can perform the full implementation, a subset of project tasks, or supplement specific subject matter or resource needs. We cover all AML operations areas:

  • Transaction Monitoring
  • Sanctions and PEP Screening
  • Customer Due Diligence / Know Your Customer
  • Alert and Case Management
  • Regulatory Reporting

AML Service Offerings

Matrix-IFS offers a broad range of advisory and technology services to assist Financial Institutions in implementing effective AML programs and achieving their compliance, IT, and operational objectives. We have extensive experience in offering a range of services covering the end-to-end activities required for the design and implementation of an effective monitoring program.

 

Our AML service spectrum includes the following services:

Strategy & Analysis

  • Risk Assessment
  • Vendor Selection
  • Technology Evaluation
  • Requirements Design & Review
  • Functional Definition & Review
  • Architecture Design

 

Data Services

  • Data Feed Design, Transformation & Mapping (ETL)
  • Data Requirements Specifications
  • Data Quality & Lineage Analysis
  • Reference Data Management

 

Solution Implementation

  • OOB Solution Implementation
  • Custom Application Development
  • Scenario Testing
  • Case Management
  • Regulatory Reporting
  • End to End Testing

Solution Upgrade/Conversion & Integration

  • Migration of AML Systems from Older to the Latest Version
  • AML Platform Conversion
  • 3rd Party System Integration
  • Custom Application Development for Upgrades/Conversion

 

AML Optimization

  • DQ Remediation
  • Customer Segmentation
  • Alert Risk Scoring
  • Risk-Based Tuning
  • Model Enhancement
  • Workflow Optimization

 

Support & Managed Services

  • End User Business & Technical Training
  • Testing & QA
  • Regulatory Review Preparation & Support
  • Managed Services to Support Compliance IT (Prod Support, CR Implementation)

Value Proposition

  • Our client success stories – Proven new implementations, solution upgrades and platform conversions.
  • Preferred implementation partner for market-leading AML solutions such as Actimize, Oracle and SAS.
  • Deep industry expertise and result oriented methodology in collaboration with AML product vendor management team and domain experts enable us to deliver a unique and unparalleled value to the clients.
  • Extensive advisory services to map the requirements, perform gap analysis, and help you craft the best solution and implementation roadmap to meet AML monitoring requirements.
  • Global delivery model for a cost-effective implementation but no comprise on quality & project delivery.
  • Managed services model to help clients post-implementation with year-on-year compliance IT needs (CRs implementation, periodic tuning, production support, and future system upgrades).
  • Agile and more transparent project management.

 

AML Success Stories

 

European Global Bank – Managed Services (Actimize)

Project Overview

  • Matrix-IFS is engaged with the customer globally, across multiple regions, as a ‘managed services’ provider for the AML and Trade Surveillance practices.
  • The activities include the discussion with the regional compliance users to explain any gaps in monitoring, ways to enhance and make more accurate decisions with the assistance from SME(s), implementing any Actimize solutions or to develop any custom solutions, enhancing the performance and stability of the applications, end to end testing and production rollout of any new initiatives, providing 24*7 production support services across the globe to maintain the data warehouse/Application/Batch/Requests etc.

US Branch of a Global Bank – AML Platform Conversion (Prime to OFCCM)

Project Overview

  • Matrix-IFS managed the end to end implementation of various OFCCM components such as FCCM, CTR, RR, OBIEE, Watch list Management.
  • The activities include but not limited to, understanding the current state AML system (PRIME), Source to surveillance data flow, PRIME mapping to OFFCM, Custom scenarios development, Scenarios data map analysis, end-to-end testing, various user trainings and production support.
  • Matrix-IFS successfully managed situations such as increase in scope, no existing documentation and limited knowledge of current monitoring system at the bank.  The enterprise-wide data warehousing project which was running in parallel and Language/Time Zone presented a greater challenge for the implementation team.
  • Our team has successfully managed all challenges and our approach resulted in additional projects to implement OFCCM for the bank’s subsidiaries and other global regions.

 Tier-1 Global Bank – AML Model Optimization & Tuning

Project Overview

The bank was under regulatory pressure to assess and fix the gaps in its existing AML monitoring system. The bank initiated an AML optimization program focused on identifying gaps in the data required for AML monitoring, performing scenario risk coverage and tuning of scenario thresholds across all business lines.

  • The project is being executed in two phases. During the assessment phase, our team of AML SME(s) and data analysts worked closely with the client team and helped to draft a risk-based methodology for tuning of AML models. Currently, the team is working on tuning the scenarios as per the risk-based approach defined in the methodology document and optimized thresholds are likely to be implemented in production later this year.

Customer Value

  • Matrix-IFS experience in the compliance domain as well as the in-house knowledge on the standards being followed by the firms, assists our clients to get the most value. Multiple subject matter experts in each domain are always efficient to work with the compliance users to entertain any kind of discussions and provide valuable solutions for regulatory requirements as well as the commitments.
  • With the fact of global footprints of Matrix-IFS, it’s reliable for customer to get a full 24*7 production services support across all the regions (US, EMEA, APAC).

Customer Value

  • To ensure sustainability, Matrix-IFS organized various trainings targeted at compliance business and IT teams and ensured that the bank’s internal team can support AML monitoring post go-live.
  • Our experience with other AML conversion projects had helped to pinpoint and mitigate the challenges in data conversion, profile migration, alerts/cases data migration, investigation workflow configuration processes in a timely manner thus saving cost and time for the client without compromising quality.
  • Our advisory services team helped the client to map the requirements, perform gap analysis, develop remediation roadmaps, and identify scenarios for risk based monitoring.

Customer Value

  • Prior experience in model optimization and tuning has helped the team to replicate the scenario logic in a timely manner and to perform banding & ATL/BTL testing more effectively.
  • Extensive experience in setting up the tuning environment and defining responsibilities for various team involved in the full tuning cycle.
  • In addition to tuning of scenarios, Matrix-IFS was able to provide support as needed for the new monitoring system implementation.