The Central Bank of the United Arab Emirates (CBUAE) has recently issued new guidance to help Licensed Financial Institutions (LFIs) with their Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) statutory obligations under the legal and regulatory framework in force in the UAE.
As the CBUAE embarks on this complex and crucial task of enhancing its national AML and CFT framework, Clari5’s Real-time Anti-money Laundering system provides the right solution to support LFIs on their journey to compliance with their AML and CFT obligations.
TRANSACTION MONITORING
Risk Assessment and Risk Control
- Risk Assessment
- Risk associated with Business(Customer)
- Risk associated with transactions
- Monitoring & Control
Data Identification and Management
- Data Source
- Data Management
- Trend Analysis
- Behavior Analysis
Defining rules, Alert Scoring and Prioritization
- Rule Definition or
Scenario definitions - Risk based customer
segmentation - Reduce False positives
- Alert scoring
- Prioritization
HOW CAN CLARI5 HELP WITH TRANSACTION MONITORING?
- Integration with multiple source systems like Core Banking Systems, Trade Finance Systems, 3rd party Data providers etc.
- Comprehensive Risk Scoring framework using Demographic profiles, Geographic, Product Subscriptions, Transactional behaviour profiles, Watch-list Matches, CTR/STR filed, etc
- Synthesizing Intelligence from multiple sources including Transactional Data, Customer/Account Master data, Individual Behavior Profiling of an entity to arrive at a transactional risk score
- Real-Time Transaction Blocking/Holding and Alert Generation for suspicious Payments transactions in real-time based on defined business policies
- Built-in Investigation Tool to drill down into individual customer and account details, transaction behaviour and various regulatory reports filed
SANCTIONS SCREENING
Risk Assessment and Risk Control
- Risk Assessment
- Risk associated with Business(Customer)
- Risk associated with transactions
- Monitoring & Control
Data Identification and Management
- Data Source
- Data Management
- Trend Analysis
- Behavior Analysis
Screening Program
- Name Screening
- Transaction Screening
- List Management
- Reporting
HOW CAN CLARI5 HELP WITH SANCTIONS SCREENING?
- Comprehensive Risk Scoring framework using Demographic profiles, Geographic, Product Subscriptions, Transactional behaviour profiles, Watch-list Matches, CTR/STR filed, etc.
- Synthesizing Intelligence from multiple sources including Transactional Data, Customer/Account Master data, Individual Behavior Profiling of an entity to arrive at a transactional risk score
- Support for Online and Batch Screening for one-to-one screening of on-boarding customer or end-of-day batch file processing for legacy applications
- Payments Screening Rule Definition for mapping various Payments Systems, message types, tags to various watchlist configuration system
- Automated Reporting and Regulatory Filing (GoAML) with minimal intervention required from investigation team to fill in other relevant report information
CLARI5 MODULE
Customer Risk Categorization
Fully supported in Clari5 with
score card based automated
customer risk categorization
Suspicious Transaction Monitoring
Supports 70+ scenarios for
real-time suspicious
transaction monitoring
Sanctions Screening
Sanction List Data (UN, OFAC,
PEP), Internal Lists, High-risk
Countries, Criminal Database
Case Management System
Fully supported in Clari5 with
advanced Workflow
management capabilities
Regulatory Reporting
Fully supported in Clari5 with
integrated reporting platform