DECEMBER 2022CIOAPPLICATIONSEUROPE.COM 19Effective Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) regimes are essential to protect the integrity of markets and the global financial framework as they help mitigate the factors that facilitate financial abuse. With the modus operandi for money launderers getting more sophisticated, cutting across and effectively circumventing siloed responses, financial institutions are forced to adopt innovative countermeasures to fight these transgressions.Today, government authorities across the globe are focusing on reducing efficiency costs and improving data quality and analytics to build far more effective customer-risk rating models.Offering specialized software tools that address the variegated threat landscape is Financial Transparency Solutions GmbH (FTS). The Austrian-based consulting firm spun out of Financial Transparency Advisors is dedicated toward improving national authorities' effectiveness in implementing AML and CFT frameworks in line with Financial Action Task Force (FATF) standards."Our new-age assessment tool is designed to reduce the burden, while better identifying and presenting the AML and CFT risks that demands supervisory attention," says Garrett Dunker, Managing Director of FTS. "By automating the process end-to-end, we empower supervisors and government authorities help catch the money launderers and terrorism financers." FTS's flagship solution, Strix AML, is built by supervisors for supervisors. A 3-module suite designed from the ground up specifically for AML/CFT supervision, Strix AML comprises Data Collection Module, Scoring Module and Data Analytics Module. Using the solution, users can build highly technical industry surveys, map the collected data points to the corresponding risk models and automate the risk assessment process. This compresses almost three months of time into about three clicks. Contrary to traditional spreadsheets, Data Collection Module offers real-time data validation, ensuring the quality of data. For instance, in the case of a parent-child relationship, the system sends a notification if the breakdown of the child's (who is a dependent) sum of the numbers adds up to be more than the parent's. Users can also conveniently paste and compile large volumes of survey data into the company's highly technical forms without manually entering it, thereby maintaining data accuracy.The Scoring Module comes with an inherent machine learning element that identifies risk in narrow business models by scoring the activities performed by the licenser rather than all activities allowed by the license type. This ensures that an entity's high-risk activities are not diluted by all its low-risk activities, which could consequently result in a low-risk score. The Data Analytics Module includes various data analysis features, including individual risk factor analysis, geographic breakdown analysis, peer comparison, and trend analyses.Strix AML is used by countries on the FATF GREY list--with jurisdictions under increased monitoring--as a mechanism to get off the list or to prevent entering the list by improving their compliance and effectiveness regarding AML/CFT risk assessments. "We accumulate all the knowledge gained through each client engagement and uses it to improve our industry-first off-the-shelf system. This means updates are rolled out to every client and everyone is benefiting from the improvement meant for one," says Dunker. FTS boasts a coveted pedigree as the leader in pioneering AML/CFT supervision with their Strix AML tool known for its flexibility, user-friendliness, cost-effectiveness and compliance efficacy. The company has consistently maintained their position as the go-to partner for mitigating the adverse effects of criminal economic activity while promoting integrity and stability in financial markets. Financial Transparency Solutions GmbH (FTS)Pioneering in AML And CFT Supervisory SoftwareOur new-age assessment tool is designed to reduce the burden, while better identifying and presenting the AML and CFT risks that demands supervisory attentionRISK MANAGEMENTSOLUTIONS PROVIDERS - 2022TOP 10Garrett Dunker,Managing Director
< Page 9 | Page 11 >