Anti-Money Laundering Ascent AML

AscentAML is an enterprise scale real time monitoring & surveillance solution for
financial services organizations like retail banks, investment banks, hedge funds,
brokerage houses and insurance companies.

AscentAMLs rule based surveillance
engine monitors current transactional
data, non-transactional data (KYC),
and historical data for suspicious
trading patterns.

It covers a broad range of asset classes
& transaction types like Banking
transactions (ATM, Switch and POS),
Treasury/Trading transactions
(Equities, Fixed Income, FX, Derivatives, Swaps and Commodities).

AscentAML comes with extensive library of analytical foundation & detection models
which helps organization to be compliant with anti-money laundering (AML)
regulations from SEBI, RBI, SEC, FRB, BSA, FinCEN, FATF, FSA, JMLSG, and MiFID.
Benefits of Using Ascent AML:

Operational Excellence
Eliminate on manual processes, minimizing risk of error
Reducing costs
Freeing staff from routine number-crunching, redeploying into higher-value activities
Risk Mitigation
Greater Financial Control
Standardization of methodologies around the enterprise
Able to set risk thresholds, data access and other controls centrally
Better compliance with regulatory requirements
Performance
Timely real time Monitoring
Faster Processing a million transactions reconciled in 2.39 minutes (as tested by HP)
Intelligent Surveillance Engine to detect and report focused violations.
Enterprise Solution, seamless integration with virtually any Upstream & Downstream
Systems
Fast Implementation:
Highly flexible and Customizable via Configuration
Customer Specific Customization via Configuration for any data structure, business
rules and reporting

Ascent Know Your Customer (KYC) Standards
Banks and financial institutions
have realized that KYC / CDD
(Know your Customer / Customer
Due Diligence) is one of the
prominent issues in AML (Anti
Money Laundering) compliance
faced today. Banks found it
increasingly difficult to implement
and manage complex business
processes to ensure regulatory
compliance and retain competitive
advantage.

Ever growing number and scope of regulatory requirements (like Recommendations
made by the Financial Action Task Force (FATF) on Anti Money Laundering (AML)
standards and on Combating Financing of Terrorism (CFT), Customer Due Diligence
(CDD) for banks by the Basel Committee, KYC/AML/CFT Obligations of Central Bank
under Prevention of Money Laundering Act, manual processes, repetitive due diligence
requests have increased the burden on administrative, operational and IT resources
driving up the total costs, longer customer on-boarding, growing customer
dissatisfaction and non-compliance.

Industry is looking for a solution which can automate end-to-end KYC processes like
Customer Acceptance, Customer Identification, Risk Management & Customer On-
boarding and comply with the regulations.

Ascent KYC solution offers an integrated, enterprise scale, robust platform for end-to-
end KYC Compliance. AscentKYC services include Customer Acceptance, Customer
Identification, Watch/Black list screening, Customer Risk Profiling, Enhanced Due
Diligence (EDD), Customer on-boarding, Integrated Risk Management with Re-KYC,
management & regulatory reporting, and Integrated Workflow and Alert & Escalation
Management.

Ascent KYC platform is proprietary innovative and first-in-industry KYC Compliance
tool which automates the entire KYC process for both new and existing customers like
KYC data capturing, applying Central Banks mandated Customer Acceptance Policies
(screening Black/watch lists, defined risk perception parameters, Risk Profiling)&
Customer Identification Policies (verifying customers identity based on his risk profile,
Unique Customer Identification Code (UCIC) for each customer, extensive customer due
diligence (CDD) for high risk customers, Re-KYC Policy, Identity & Address proof
verification process).

Ascent KYC Adheres to SaaS Level 3 (on a scale of 0 to 3) Maturity where multiple
Business Process are hosted on a single instances, deployed on a load-balanced farm of
servers, with each Business Process data being kept in isolation. The configurable
metadata provides a unique user experience and feature set for each customer.

Ascent KYC is build on top of our flagship enterprise scale framework CORRECT, which
ensures the solution CORRECT Connect, Organize, Reconcile, Report, Evaluate, Control
and Transmit the processed transactional data to other business systems/entities.
Benefits of Using Ascent Know Your Customer Software

Faster Customer On-boarding
Fully automated KYC process ensures seamless execution of all KYC business
processes thus enabling faster customer on-boarding and increasing customer
satisfaction.
Fraud Prevention
Validates and matches KYC data with foreign black lists (lists issued by US/UK etc
regulators) and identifies the suspected individuals which results in fraud/money
laundering prevention.
Help the bank comply with local and international regulations like UAE CENTRAL
BANK, SEBI, RBI, SEC, FRB, BSA, FinCEN, FATF, FSA, JMLSG, and MiFID.
360 degree Customer Profile
Identify each customers risk parameters and creates its Risk Profile.
Removes duplicates and create a single view of the customer which gives an
organization the ability it gives to analyze the customer behavior in order to better
target and personalize future customer interaction.
It helps organisations to engage with customers through multiple channels, since
customers expect those interactions to reflect a consistent understanding of their
history and preferences.
Business Analytics
Create Householding information within the bank which immensely helps banks
marketing programs target people at many levels - as an individual, as head of
household or as a member of a given group of people (i.e., club, residence and/or
business).
Bank can identify behavior patterns based on age or geography or income or
household size.
Operational Excellence
Integrate KYC application with other AML applications
Move towards straight through processing
Eliminate on manual processes, minimizing risk of error.
Reducing costs.
Freeing staff from routine data analysis, redeploying into higher-value activities.
Risk Mitigation
Greater Financial Control on the Customers data.
Standardization of methodologies around the enterprise.
Able to set risk thresholds, data access and other controls centrally.
Better compliance with regulatory requirements.
Performance
Faster Processing a million transactions data processed in 2.39 minutes (as tested by
HP)
Intelligent cleansing Engine to detect and report focused violations.
Fast Implementation
Enterprise Solution, seamless integration with virtually any Upstream & Downstream
Systems
Highly flexible and Customizable via Configuration
Customer Specific Customization via Configuration for any data structure, business
rules and reporting