CaseWare AML Compliance Expands Capabilities for Real-Time Screening of Customers During Onboarding

August 23, 2017

Updated API allows regulated institutions to verify identity, screen customers and gauge risk scores in real-time during customer due diligence phase

Ottawa, Canada, August 23, 2017 – CaseWare Analytics, the developer of enterprise solutions for financial crime, compliance and audit professionals, is pleased to announce that its newest release of CaseWare AML Compliance now includes an updated API that allows existing onboarding systems to screen new customers in real-time during the customer due diligence (CDD) phase.

According to the Financial Action Task Force (FATF), an intergovernmental organization with a mandate to develop policies to combat money laundering, financial institutions should be taking various CDD actions, including “conducting ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being conducted are consistent with the institution’s knowledge of the customer, their business and risk profile, including, where necessary, the source of funds”.

The updated API from CaseWare AML Compliance is capable of performing functions like verifying the identification of customers, screening them against sanctions and watch lists, segmenting customers into categories and providing a customer risk score. All of the information provided by the API into a customer’s risk ratings will help financial institutions make informed decisions about who they have business relationships with and whether they should allow transactions to proceed. In addition, it will also reduce the costs stemming from post-customer acquisition investigations.

Figure 1: Identity verification and sanctions screening during onboarding phase with CaseWare AML Compliance reduces risks and costs associated with investigations and compliance.

According to Andrew Simpson, Chief Operating Officer at CaseWare Analytics, “real-time screening during the onboarding phase will allow financial institutions to apply simplified or reduced CDD measures to business relationships where the risk of money laundering or terrorist financing is lower. This will lead to better customer relationships, reduced risks and lower investigation and compliance costs.”

CaseWare AML Compliance solution is a scalable compliance and fraud detection platform for customer due diligence, transaction monitoring, sanctions screening and regulatory reporting capabilities. The solution integrates with existing core systems, and is configurable as an end-to-end enterprise solution for complete AML risk management or as a modular solution to meet specific customer needs.

In addition to the updated API for real-time screening during the CDD phase, the latest release of CaseWare AML Compliance also includes more advanced analytics; enterprise search capability, including dual-purpose goods lists, for more thorough investigations; and workflow decision learning to reduce tedious compliance tasks.

To learn how CaseWare AML Compliance solution can help your organization fulfill its AML compliance requirements, contact us at aml@caseware.com.

About CaseWare Analytics

CaseWare Analytics is home to IDEA® Data Analysis and the CaseWare Monitor continuous monitoring platform. Our software solutions are built on a foundation of industry best practices and expertise, enabling audit, compliance and finance professionals to assess risk, gather audit evidence, uncover trends, identify issues and provide the intelligence needed to make informed decisions, ensure compliance and improve business processes. We offer solutions that meet the needs of auditors, analysts, purchasing card managers, compliance officers and more. With 40 distribution offices worldwide, CaseWare Analytics’ products and solutions serve more than 400,000 professionals in 90 countries.

To learn more visit casewareanalytics.com.

« Back to Press Releases