Anti-Money Laundering

Introduction

Anti-Money Laundering (AML) refers to the set of laws, regulations, and practices designed to prevent criminals from disguising illegally obtained funds as legitimate income. AML is a critical component of financial compliance, helping organizations detect and prevent financial crimes such as money laundering, fraud, and terrorist financing.

At FrankieOne, we provide a comprehensive AML solution that empowers businesses to meet regulatory requirements while mitigating risks. Our platform leverages advanced technologies and diverse data sources to streamline AML processes, ensuring compliance and operational efficiency.

Key Features of FrankieOne’s AML Solution

1. Risk-Based Customer Profiling
   Assess customer risk levels using advanced profiling techniques based on behavior, transactions, and historical data.
2. Global Sanctions Screening
   Screen customers against international sanctions lists, politically exposed persons (PEP) databases, and adverse media sources.
3. Real-Time Transaction Monitoring
   Detect suspicious activities by monitoring transactions in real-time and flagging anomalies.
4. Regulatory Reporting Automation
   Generate and submit compliance reports, such as Suspicious Activity Reports (SARs), to meet regulatory obligations.
5. Continuous Monitoring
   Keep customer risk profiles up-to-date with ongoing monitoring and adapt to new information or behavioral changes.
6. Data Security and Privacy
   Ensure secure handling of sensitive customer data in compliance with global privacy and security standards.

FrankieOne’s AML solution helps businesses stay compliant, protect their reputation, and reduce exposure to financial crime risks.

How it Works

FrankieOne’s AML platform seamlessly integrates with your existing systems, providing a comprehensive solution for AML compliance. Leveraging advanced machine learning and data analytics, the platform enhances the precision of risk assessments and transaction monitoring.

To initiate an AML check for an individual, supply their details—such as name, date of birth, and address—and execute the workflow. The platform will automatically screen the individual against multiple databases, including sanctions lists and PEP databases, and generate detailed results.

These results will highlight any matches with flagged entities and provide an associated risk level. This actionable information empowers businesses to make informed decisions during customer onboarding and ongoing monitoring processes.

AML Workflow

The AML process involves multiple steps to ensure compliance and mitigate risks effectively. Below is an overview of the key steps:

1. Customer Onboarding: Collect customer information during onboarding to establish a risk profile.
2. Identity Verification: Verify customer identity using government-issued documents and biometric data.
3. Sanctions Screening: Check customer details against global sanctions and watchlists.
4. Transaction Analysis: Monitor transactions for suspicious patterns or activities.
5. Risk Assessment: Continuously evaluate customer risk levels based on updated data and behaviors.
6. Regulatory Reporting: Generate and submit required reports to regulatory authorities.
7. Data Storage: Securely store compliance data in adherence to privacy and security regulations.

By leveraging FrankieOne’s AML solution, businesses can streamline compliance processes, reduce manual effort, and focus on their core operations while staying ahead of regulatory requirements.

API Endpoints

The following API endpoints are available for AML-related operations:

Update AML Results

This endpoint allows you to manually update the results of an AML check. This is useful for correcting or updating information after an initial check has been performed.

$
POST /v2/individuals/{entityId}/results/aml

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{
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  "processResults": [
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    "string" // UUID of the process result
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  ],
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  "manualStatus": "TRUE_POSITIVE", // The status to set for the process result (e.g. TRUE_POSITIVE, FALSE_POSITIVE, TRUE_POSITIVE_ACCEPT, TRUE_POSITIVE_REJECT, UNKNOWN, UNKNOWN_ACCEPT, UNKNOWN_REJECT)
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  "comment": {
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    "text": "Update after speaking to customer over phone directly"
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  }
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}

Toggle AML Ongoing Monitoring

This endpoint allows you to enable or disable ongoing monitoring for AML checks. It provides flexibility to manage the frequency and scope of AML checks based on your business requirements.

Request Parameters:

• enabled boolean (required)
  Indicates whether ongoing monitoring should be enabled or disabled.

• monitoringTypes array[string] (optional)
  Specifies the types of ongoing monitoring (e.g. AML) to enable or disable for the given entity. If omitted, the monitoring status will apply to all types.

Exampl Request:

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 -X POST 'https://your-api-base-url/v2/individuals/{entityId}/monitor' \
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  -H 'Content-Type: application/json' \
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  -H 'apiKey: Bearer your_api_token' \
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  -H 'X-Frankie-CustomerID: your_customer_id' \
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  -d '{
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    "enabled": true,
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    "monitoringTypes": ["AML"]
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  }'

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{
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  "comment": {
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    "text": "Update after speaking to customer over phone directly" // Include a comment in the headers to document the reason for the change.
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  }
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}