AML Management to Provide Sustainability Through Managed Services

The increased regulatory scrutiny for anti-money laundering (AML) transaction monitoring across the financial services industry is prompting institutions to rapidly evolve their AML risk assessment strategies and Know Your Customers (KYC) policies. The rules proposed by the US Department of the Treasury Financial Crimes Enforcement Network (FinCEN) for Customer Due Diligence (CDD) are requiring Beneficial Ownership and increased regulatory enforcement that are driving organizations to expand their policies and standards accordingly.

QPS is a trusted source for AML expertise with its proven managed services that implement compliance with key anti-bribery, corruption regulations, and critical AML solutions like KYC, Customer Information Program (CIP) and Bank Secrecy Act (BSA).

Using the Modern Tools for AML Compliance

QPS team works in conjunction with award-winning technology partners to ensure strictly monitored compliance. Technology forms a vital pillar of the effective global AML compliance structure. By using current technology tools, QPS helps organizations improve their capability to avert and reduce financial crime risk.

QPS has the bandwidth and a large skill pool working 24*7 to capture and verify additional AML/KYC information on their clients, periodically update AML/KYC information and conduct reviews to include relationships across business lines.

24*7 Ongoing Transaction Monitoring – An Essential Element of AML/KYC Procedures

QPS Managed AML transaction monitoring helps financial institutions (FIs) meet the following challenges effectively:

  • Customer Due Diligence at On-boarding and Refreshing of Customer Information
  • Economic Sanctions and Office of Foreign Assets Control (OFAC) Screening
  • Transaction Monitoring through Deeper Investigation

QPS's AML risk assessment analysts help FIs address these issues using modern approaches by adopting a managed services model for AML and KYC functions. We have developed a highly methodical approach to provide a scalable and cost-efficient operating model with a customized cost structure. The analysts are trained to deliver improved transparency into operational productivity, quality, capacity and forecasting. They build confidence through early identification and feedback focused on all money laundering regulations.

QPS adopts three vital stages of operations for effective AML management: Prevention, Detection, and Reporting.

In this stage, the analysts have to stick to a robust AML KYC program that invariably focuses on the creation and administration of universally consistent policies, risk scoring, on-boarding and effective data maintenance in an enterprise-wide repository.

QPS provides imperative transaction monitoring to detect suspicious transactions or patterns of activity to deliver holistic reviews of both new and existing clients across multiple businesses.

Our analysts follow up activities with prompt reporting including tracking and recommend filing of Suspicious Activity Reports (SARs), Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) depending upon the regulatory requirements.

how can we help you?

"Our use of QPS's allowed us to seamlessly and effectively extend our existing staff into after hours, weekend and holiday coverage to match the never ending efforts of the fraudsters. Their collaborative approach to partnering with Bethpage and our combined laser focus on transaction monito ring has resulted in quite significant confirmed fraud saves and a higher level of member service."

Robert Hoppenstedt

"Our partnership with QPS has helped us with a robust round the clock transaction monitoring framework inclusive of rule efficacy and a structured fraud fighting approach."

Shanta Sewnarain
Asst. Vice President - Operations and Risk, Bethpage Federal Credit Union

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