Amberoon Solutions are based on a Regulatory System of Insight (RSOI) that delivers an agile, risk-based compliance process designed for the anti-money laundering needs for banks and financial institutions.
Preventing money laundering in today’s global economy is an extremely important component of banking operations. The inability to prevent this activity exposes banks to unknown risks. In recent times, many banks have had to pay large fines (hundreds of millions of dollars) because of their inability to uncover Anti-Money Laundering (AML) risks.
Nine out of ten alerts generated by a typical AML (anti-money laundering) monitoring system are false positives. All alerts need to be scrutinized to find those that require filing of a SAR (Suspicious Activity Report). Reviewing large numbers of alerts to find a few bad actors increases operational expense as well as risk. Meanwhile, money-launderers continue to find newer ways to disguise illicit activities as legitimate transactions, making them harder to detect. This makes them a moving target for AML investigators.
Amberoon solutions use a combination of technologies including data visualization, advanced analytics, predictive modeling, machine learning and intelligent automation. The complexity of deploying these technologies are managed by Amberoon. These solutions are designed to be used by business users with no technical expertise.
Lucre AML uses a risk-based approach to AML which works in conjunction with legacy AML systems to implement a System of Insight for banking operations. Lucre AML uses data from transactions, external sources and internally developed proprietary algorithms that enable forensic human inquiry to identify bad actors and reduce risk. Lucre AML consists of more than 100 Insight Templates that can be used to create an effective and efficient AML solution.
Lucre AML incorporates the core functions for which the AML compliance team is responsible, including;
Lucre LoanBook is an interactive visualization of loan activities at the bank. LoanBook helps banks track the status of all loans based on performance metrics. LoanBook also tracks concentration reports for periodic review and management.
LoanBook uses a set of 25 insight templates that can be tailored to the specific needs of the bank. LoanBook synthesizes a lot of data from banking operations to provide insight into banking operations.
Agile BSA Officer is a bank simulator that gives compliance teams an immersive exposure to Agile Compliance. It simulates the operations of a bank with synthetic data on over 22 thousand accounts and $12 billion in transactions.
Agile BSA Officer can be used to prototype an Agile Compliance process that can improve effectiveness and outcomes of AML compliance operations.
Agile BSA Officer is powered by Amberoon's Lucre AML.
Agile BSA Officer gives management and compliance teams instant exposure to modern technology.