Financial crime and AML
Have complete, comprehensive oversight of the entire world of regulations relevant to financial crime and anti-money laundering (AML) and assess your risk profile with CUBE.
Using leading techniques in artificial intelligence, CUBE classifies, tracks, translates and maps the regulatory data that matters to your business taxonomy and presents it in a holistic, configurable inventory.
How we solve for financial crime and AML
CUBE enables you to see the gaps in your compliance program and mitigate the risk of non-compliance with the latest regulatory developments, from Know Your Customer (KYC) to amendments to the US Anti Money Laundering Act (AMLA).
Powered by artificial intelligence, CUBE automatically generates a tailored and complete inventory that spans the entirety of your legal and regulatory requirements and can tell you what’s missing, fast. Avoid the damage to both reputation and profits associated with AML non-compliance, with CUBE.
CUBE supports your second line of defence enabling compliance, risk, financial crime teams and Senior Executives to take the manual processes out of regulatory change management. We enable you to free up valuable resources to focus on combatting the threat and ensuring that effective AML policies and controls are in place.
Visibility
Have complete visibility of all relevant regulation related to AML
Have complete oversight of proposed and pending regulations with artificial-intelligence led horizon scanning capturing everything from the latest developments to the Foreign Corrupt Practices Act (FCPA) to the latest EU AML Directive, to SARs obligations, US FinCEN requirements, Canadian FINTRAC Guidance and beyond.
Policies and controls
Ensure AML related policies and controls meet current regulatory expectations
CUBE classifies and enriches all regulatory data through Cloud RTS, then maps all relevant global AML regulations to your specific financial crime policies and controls, from PEP to UBOs. The impact of regulatory change is pinpointed across all business lines and jurisdictions you operate in, and any controls or policies requiring remediation or change identified.
Audit trail
Fully evidence decision making and actions relating to AML and financial crime.
Automated workflows enable you to demonstrate that up to date and relevant information on financial crime risk has been routed to and actioned by responsible owners right across the business, from front line sales and trading teams to finance functions.
Challenges faced by the industry
Money Laundering is a fundamental threat to the security and prosperity of economies and communities, with the UN estimating that up to $2 trillion is money laundered globally every year. Financial institutions are on the front line in preventing criminal funds flowing through the international financial system, but a mere 1% is being detected and dealt with by law enforcement agencies.
Tackling financial crime and money laundering is undoubtedly one of the most important and challenging priorities of regulators. Stringent rules and regulations are in place across the world requiring firms to have policies, procedures, and controls in place to combat the threat. However financial institutions are rarely out of the headlines for anti-money laundering (AML) control failures with multi-billion dollar fines being levied against the industry annually, along with intrusive regulatory scrutiny and damage to reputations.
Senior management and boards are well aware of the risk of financial crime to both their business and their own individual accountability. The role of the Compliance and AML Officers globally in supervising compliance with the firm’s AML obligations is becoming ever more complex as the scale of the threat increases with criminals relentlessly exploiting every vulnerability or technological advancement.
Financial firms face an insurmountable challenge in tackling the threat of AML and are turning to technology and RegTech to help them. With the risks and requirements varying by jurisdiction and customer type, firms need to keep pace with complex and continuously updated regulatory obligations from global regulatory bodies, while making sure employees understand and comply with them.
