The software has AML risk scoring models that have been ascertained in advance for various customer categories including corporations, individuals, designation, nationality, and so on. Every customer type has a different risk parameter. Configure AML-TRACE as per your business needs to assess various risk levels throughout the company’s lifecycle.

The process starts with defining relevant risk parameters for every risk model, which can be configured in several ways. Now, as every type of risk has a different significance, every risk factor is assigned various weights. In layman terms, low, medium, or high risk levels for each risk factor are identified by AML-TRACE.

AML Risk Management

Computation of final risk scoring
Due weightage is assigned to various risk factors, and average scores are arrived at. Then, the final risk is calculated after considering all factors that equally contribute to a customer’s risk score.

Customer risk assessment methodology
A risk score lies between 0 to 100. The closer a client’s score is to 100, the more likely they are to be fraudulent. Meanwhile, a score nearer to 0 means that it is unlikely that the user is a fraudster.

Removing error due to missing risk factor data
More often than not, the data related to a single or a couple of risk factors is missing from the customer record. In such a case, the risk model considers the most appropriate relevant factor to arrive at the risk score.

Continuous upgradations of risk scores
Customer risk factors are subject to change with the changing business scenarios. This change may occur either during periodic reviews or on an ad-hoc basis when there is a modification to risk-specific parameters.

AML-TRACE has an in-built feature to come up with the risk model incorporating these changes. The new risk model generates a revised risk score & rating in such a case.

Accurate auditing
Customer history is available for the auditors to identify the reasons why customers have been rated as Very High, High, Medium, or Low. AML-TRACE also enables the auditor to check if any client has been manually (and not through the software) overridden to a higher or lower risk rating.
Identification of the level of due diligence

After the generation of the final risk score, the customer is put into three categories: Very High, High, Medium, or Low. Accordingly, the level of due diligence—simple or enhanced—is identified.

In this way, AML-TRACE helps you attain optimum levels of financial security for your business. As it has a wide range of features that can be customized as per your business needs, it makes AML risk management easier and most cost-effective.

AML-TRACE is the one-stop solution for minimizing financial fraud while achieving regulatory compliance. Review, update and analyze customer records at a frequency set by you through AML-TRACE.

Unleash the power of this anti-money laundering software and see exponential gains in terms of revenue and time saved. If you wish to know more about it, reach out to us on +971 50 7724164, and we’ll get back to you soon.