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Anti- Money Laundering (AML) and Know Your Customers (KYC)

Identifying layering of risk in the fight against money laundering

In future, anti-money laundering & identity verification will be possible everywhere in the globe in milliseconds, and fraud prevention is the catalyst to attain this success for both large and small businesses. Host of offerings by Netrika

  Evolves your suspicion activity detection

  Reduces false positive

  Dynamic solutions for customer identity verification

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Anti- Money Laundering (AML) and Know Your Customers (KYC)

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Our Experts

Sanjay Kaushik
Sanjay Kaushik

Managing Director

CFE, CII, FCIISCM, CATS, CCPS, CFAP

Sanjay Kaushik
Col Sanganagouda Dhawalgi

Executive Director-FI

CFE

Sanjay Kaushik
Kasmera Shah

Director – Forensic Investigations

MBA, CFA and MS Finance

Sanjay Kaushik
Ekta Jain Kaushal

Associate Director – Forensic Investigations

MBA and CFE

Anti money laundering 

An estimated 5% of the global GDP is laundered every year. This massive amount of money which amounts to almost $800 billion is also the money that makes it challenging for honest businesses to compete in the market and lose out on capital, profits and sometimes even fall out of businesses. 

What is Anti Money Laundering?

Anti money laundering is the set of laws, regulations, and policies that are designed and executed to identify and prevent people of criminal intent from entering the financial ecosystem. Anti money laundering acts are set in place to target a wide variety of crimes including but not limited to tax fraud, market manipulation, corruption and illicit trade of masquerading such acts by hiding the origin of money. 

Why are Anti Money Laundering Checks Important?

Money laundering is usually associated with illegal activities of insider trading, smuggling, embezzlement, drug trafficking, arms sales, bribery, extortion and terrorist financing. Criminals who draw illegal funds make it hard for other businesses to stay in the competitive market, as they significantly lower their products and services prices for consumers which becomes practically impossible for the honest businesses to match. This makes it difficult for an honest business to stay in the market or make ends meet. Moreover, the laundered money slows down the long-term growth of the economy, affecting its people. 

Besides maintaining a good and ethical financial standing being the reason to implement for anti money laundering compliance, it is also a moral obligation for organisations to implement the practice

Anti- Money Laundering and Know Your Customers 

Banks and FIs alike need AML and Know Your Customer (KYC) programs that adopt a risk-focused strategy to keep up with constantly changing regulations. This includes an active screening of customers and transactions through potent processes and reporting procedures. They require a comprehensive and integrated AML-KYC lifecycle management that provides an accurate and total view of risks and vulnerabilities.

Netrika’s AML-KYC services bring deep domain expertise and industry-led capabilities to provide an integrated Anti-Money Laundering lifecycle management to your business. Our comprehensive offerings in Anti-Money Laundering and KYC, supported by data analytics solutions, deliver insights that ensure efficient and economic AML-KYC operations and positive customer experiences across the globe.

 

Controls of Anti-Money Laundering

       1. Know Your Customers

The ‘Know Your Customers’ policies have been launched to prevent money laundering. These policies are engaged in tracking the clients’ activities besides monitoring various transactions. The suspicious activities need to be reported, and the proper record must be maintained at all times in all such cases.  

In this context, our subject experts help organisations in review KYC policies & procedures, do deep diving, and find out the critical information necessary for implementing KYC policies and processes effectively.

         2. Criminalisation

For Anti-Money Laundering, various governmental agencies and financial entities pose controls. The government has announced the guidelines to prosecute those individuals who are involved in all such crimes. 

Here, our investigation experts help companies through novel techniques to investigate and present the findings with evidence to support organisations in taking litigation action against the people involved in such unlawful activities.

      3. Management and Logging of Records

It is essential to keep the detailed records of all activities, including transactions, and the implement systems to detect illegal actions. 

Proper characterisation of data of any entity is a crucial tool to manage the suspicious acts. 

Many companies appoint us for support in reviewing of transactions & records from an independent third-party forensic eye. 

       4. Innovative Technology & On-Ground Market Intelligence

Various innovative software and technology tools have been evolved to detect suspicious activities connected to money laundering, which allows the system to become more aware of thefts and invalid transactions. However, no system is fail-proof, as they work on GIGO (Garbage In-Garbage Out) concepts. Hence, on-ground market intelligence information is critical for validating the data before putting same in systems to make the processes robust.

Our CAMS-certified Anti-Money Laundering professionals, Chartered Accountants and Certified Fraud Examiners have strong and deep knowledge of the AML landscape across verticals and extensive experience in managing work of varying diversity in this domain. Our KYC screening services encompass:

  • Complete range of Customer Identification Program (CIP)
  • Politically Exposed Person (PEP)
  • Specially Designated National (SDN)
  • Negative News (NN)
  • Adverse Media checks to support Enhanced Due Diligence (EDD) monitoring.

We also fully support investigations around the history of fraudulent transactions and money laundering accords. Our comprehensive list of services for Anti-Money Laundering and KYC include:

  • Review of Policies
  • File Testing
  • Sanction Screening
  • Branch Visits and Market Intelligence Gathering through database searches and Field Visits
  • Review of CTRs
  • Review of STRs Reporting Mechanism to FIU As Per Master Circular Requirement Issued By RBI Regularly

Our most efficient team support organisations in keeping an eye on the Anti-Money Laundering landscape and provide critical market intelligence information for reducing AML risks significantly.

Why is it Important for All of Us?

In this crucial era, when theft and fraud are frequent, it has become essential for banks, insurance companies and various other Non-banking financial institutions - NBFCs to have detailed information of their customers. It can minimize the risk of bribery, corruption, fraud, money laundering, funding for the terrorists, and/or various other unlawful and criminal activities. 

It is helpful in:

Increasing Reliability

It increases trustworthiness in case of the diligent clients ensuring high order credibility.

Elimination of Risk

It will help you know your clients and their genuine interests in your ICO.

Legal Funding

Amalgamated with the AML services, KYC would offer a transparent system in which transparency of transactions can be checked at any time, ensuring legalised trade. 

Regulative Compliance 

In an attempt to reduce the risks and frauds, it enables meeting the strict regulations. Netrika boasts a tremendous record of success in offering Anti-Money Laundering and KYC compliance services to our most esteemed clients. Our profound global team and policies permit us to command KYC procedures quite effectively.

We aim to focus on the areas prone to Money Laundering's risk and identify if present controls are enough to address the AML risks efficiently. 

How Can Netrika Consulting Help?

Netrika Consulting has a decade-long success record in offering anti-money laundering to businesses across the globe. We aim to identify, detect, analyse, record and report the vulnerable areas prone to money laundering risk through but not limited to the following control methods- 

 

Anti Money Laundering Compliance Control

1. Know Your Customers (KYC)

KYC is one of the most important elements of anti money laundering checks that track user’s financial activities, monitor their transactions, and report any suspicious activities.

2. Litigation Action

There are various controls initiated by the government and financial institutions against money laundering. These controls allow for investigation techniques with evidence-based reports to begin litigation actions against the criminal intent people. 

3. Records Logs and Management 

A detailed, objective and evidence-based report with information including illicit transactions helps detect suspicious actions. This information needs proper data characterisation, review and reporting from an anti money laundering specialist point of view. 

4. Innovative Technology & On-Ground Market Intelligence

Leveraging the evolving technology, tools and techniques to detect suspicious activities is one of the best ways to control money laundering, be more aware of potential thefts and take swift action against them.

Netrika Consulting harnesses the power of all these, policies, tools and techniques to build customised anti money laundering solutions for businesses, which supports investigations around the fraudulent transactions history and other illegal actions throughout the finance chain. Our seasoned experts assist organisations in keeping a close eye on the anti money laundering landscape and providing crucial market intelligence information to reduce the associated risks.

 

What we offer
  • Data with integrity.
  • Our methodologies reflect a strict adherence to industry-recognized standards. Moreover, we deliver one of the highest educations and employment verification rates in the industry.
  • We design products and services that adapt proactively to current and future needs for screening.
  • Compliance-driven Strategies Risk mitigation is a crucial component for successful recruitment when developing the brand.
  • Fast Turnaround Times: To help customers make decisions even faster, we deliver real-time results as they are available, accelerate communications between third parties, and can leverage candidate-provided documentation where appropriate.
  • Global Reach: With today’s globalized workforce, it’s essential that your background check company be able to procure candidate background information from around the world.
  • 100 Years of cumulative Experience You Can Rely On.
  • Member of PBSA- Professional Background Screening Association.
FAQs

The anti-money laundering services assist leading financial institutions in preventing and combating a wide range of money laundering and sanctions-related risks. It helps clients enhance their capacity to satisfy regulatory requirements and set up reliable management frameworks.

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Anti-money laundering includes a host of services such as Know Your Customer (KYC), criminalisation, management & logging of records, innovative technology & on-ground market intelligence.

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Anti-money laundering solutions prevent and mitigate a variety of money laundering and sanctions-related risks by establishing dependable compliance programmes to help them better meet regulatory requirements.

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KYC and AML are commonly mixed and used interchangeably. Know Your Customer (KYC) refers to the process of verifying a customer’s identity, whereas AML laws attempt to limit money laundering and terrorism funding. KYC is a part of the more general phrase AML.

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Anti-money laundering helps increase the reliability of your business by eliminating risk factors and identifying legal funding and transparent transaction through its sub-services, thus enabling legalised trade.

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