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AUTOMATED ONGOING AML & KYC SCREENING

 

Know when good customers commit fraud

Use Sonar to instantly know when an account turns risky by continuously checking against ever-evolving fraud data and automating alerts and interventions. So, you can prove compliance quickly, confidently and on-demand.

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Continuous monitoring benefits

Money laundering – especially muling - has surged. Among traditional student-aged recruits and the over 40s, too. Money muling has also become harder to predict and detect, with activity increasingly scattered and sporadic. Think small value transactions – and lots of them – happening very quickly, and often from boarded accounts deemed low risk.

This shift in laundering tactics– along with genuine banking behaviours also being less predictable – has ushered in the era of Perpetual KYC.

After all, without a perpetual view of customer risk, it’s virtually impossible to be compliant with the Money Laundering Regulations Act and the FCA’s KYC guidelines. In fact, 75% of mule accounts evade standard and periodic account checks. That’s a serious amount of risk.

To match AML strategy with how mules and their herders are behaving, Payment System Providers are using Synectics' automated continuous screening solution, Sonar. Learn how below.

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Prove and report AML compliance

Sonar continuously screens against the most authoritative data for red flag behaviour, including National SIRA. So, you can prove AML and Consumer Duty compliance at any given moment.

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Move as fast as money launderers

Sonar instantly flags AML concerns with an account and quickly gets risk under control with automated case management workflows. Meaning you can move as fast as mules do.

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Run as many checks as you need

One tool runs and records as many AML and pKYC checks as you need, across as many products as you want. So, you can deal with dispersed and unpredictable risk uber-efficiently.

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Stop fraud before it starts

Sonar enriches your onboarding and periodic check data with real-time, granular insight into how money laundering is evolving. That means you can stop fraud before it starts.

The cost of inaction 

75%
of mules evade standard screening
243+ days
is the average time a mule waits to offend
3+
banks get hit by a single mule over 2 weeks

Continuous monitoring use cases

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Money mule prevention

Spot the red flags and early warning signs of money laundering activity. From within new accounts and your on-book portfolio. 

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AML and KYC compliance

Prove that your ongoing screening processes can detect and deter bad actors, while keeping your genuine customers safe. 

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Best practice fraud prevention

Feed every aspect of your fraud strategy with up-to-the-minute intelligence about account risk and how money laundering is changing.