The FBI estimates that more than $300 billion is laundered annually through the United States. If left unaddressed, money laundering can cause widespread financial and reputational harm to institutions. Banks and credit unions need technology that can analyze risk signals quickly and return real-time transaction decisions.
Solutions like OASIS™ support this need by delivering cross-channel analytics and adjudication workflows that detect fraudulent transactions and suspicious activity. Its anti-money laundering (AML) components provide comprehensive case management with integrated workflow so institutions can reduce regulatory exposure, reputational risk, and compliance costs.
Institutions should consider solutions with features that assist in meeting regulatory expectations, including Know Your Customer (KYC), sanctions screening, ongoing risk assessments, and regulatory reporting. Effective cash aggregation solutions typically allow financial institutions to:
As part of ongoing compliance, institutions can also automate cash reporting by:
To learn more about how institutions can strengthen their fraud mitigation strategy at the teller line, download the interview document, “Mitigating OTC Fraud in Real Time.”