Detect Money Laundering and Financial Crime in Real-Time
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The Siron®One Real-Time AML capability empowers you to take instant action against financial crimes providing the necessary context for quick, informed decisions.
Challenges
Addressing the Challenges of Real-Time Financial Crime Detection
To combat financial crime more effectively and prevent financial harm, fines, and reputational damages, financial institutions are looking for a more proactive approach to uncover illicit behavior. Rightly so, because the global financial system has accelerated tremendously over the last decade. So has financial crime.
Tackle the Challenges of Instant Digital Transactions
Consumers globally are embracing real-time and instant payments. Real-time payments are projected to grow by 30% annually until 2030. Taking a comprehensive risk-based approach to enable real-time detection is the best solution, but it is also demanding and challenging.
Keep Up with the Increasing Rate and Speed of Financial Crime
The increasing volume and speed of transactions have made it easier for criminals to exploit financial systems. Managing the risks of money laundering and terrorist financing as they occur and future-proofing against new risks are challenging, labor-intensive, and error-prone tasks.
Navigate the Complexities of Implementing a Real-Time Compliance System
Operating a 24/7 real-time compliance system is challenging. Legacy systems are not equipped to handle the contextual information required for real-time monitoring. It’s difficult to get the context for quick, informed decisions without integrating inputs from all necessary solutions and centralizing data from different systems.
Overcome Operational Constraints
Monitoring real-time transactions, addressing alerts, and sending reports are resource-intensive, time-consuming, and costly. At the same time, the lack of accurate alert prioritization or hibernation only adds to the compliance work bottleneck.
React to Emerging Financial Crimes in Real Time
Detecting new patterns to identify emerging AML and fraud requires constant monitoring, analyzing, and reporting, which are not only near impossible manually but also wasteful and risky.
IMTF recognised as one of the Global Top 10 Leaders in Financial Crime Prevention by Chartis
Our Solution
Prevent Financial Crime in Real Time with Siron®One's Integrated Approach
Siron®One tackles real-time financial crime detection by integrating data sources, breaking down silos, and providing contextual insights for better decision-making. It combines dynamic risk scoring with a risk-based transaction monitoring approach, using advanced analytics to efficiently prioritize and manage alerts.
Integrated Data Managment from a Centralized Platform
Siron®One’s Intelligent Data Management system breaks down data silos, captures and integrates data from static/KYC and dynamic sources like transaction history, risk scores, adverse media and PEP and sanctions lists, to provide contextual data for better understanding and decision-making.
Dynamic Risk Scoring
Siron®One combines external and internal data, enriched with KYC data and behavioral analytics, to instantly generate a comprehensive and accurate risk rating, enabling efficient alert qualification.
A Risk-Based Approach to Transaction Monitoring
Siron®One utilizes entity behavioral clustering, entity deviation score, alert predictive score, intelligent name screening, and economic network analytics to determine which transactions require real-time monitoring and which can be reviewed post-execution.
Editable Business Rules and Auto-Alert Actions for Streamlined Workflows
Siron®One enables you to define and edit business rules based on requirements, set thresholds, and automate alert actions based on risk scores. It prioritizes alerts or hibernates them from real-time monitoring based on pre-defined risk factors.
Workflows and Case Management for Flagged Transactions
With a highly configurable workflow module, Siron®One facilitates collaborative case management and investigation.
Our Insights
