To comply with money laundering control regulations by offering an automated process for case management, blacklist screening and online SWIFT transaction monitoring, the client replaced their existing Anti-Money Laundering (AML) system (Risk Secure) with Omni Enterprise to overcome the limitations.
Various compliance and legislative reports are produced as part of the automated suspicious reporting with regards to suspicious customers, transactions (of Accounts, Cards, Treasury, Trade Finance etc.), file based SWIFT Monitoring according to country specific regulations.
Major Modules in Omni Enterprise AML system:
The client worked with Testhouse to conduct both functional [System Integration (SIT), User Acceptance (UAT) & Regression] and non-functional testing for the new Anti-Money Laundering (AML) implementation to ensure that the application delivers the business needs of the Bank.