LoBue LUCRE - KYC/AML: Monitor, Measure, Manage & Mitigate Risk


KYC/AML : Monitor, Measure, Manage & Mitigate Risk

Agile Compliance is a unique approach to KYC/AML (Know Your Customer/Anti Money Laundering) which focuses on deploying effective processes to provide a strong KYC foundation upon which modern technology delivers unprecedented reliability for AML. Agile Compliance is closely aligned with regulatory guidelines which require that financial institutions accurately assess KYC as a foundation for identifying transaction risks related to products, services, customers, entities, and geographic locations through Modern Technology-driven routines.

Banks continue to make headlines for failing to effectively monitor and report on money-laundering activity. More than $2T is laundered through the global banking system every year. Faulty linking of KYC processes to AML systems opens the door to poor reporting. Around $25B is interdicted by law enforcement, which is less than 1% of the total funds laundered. The financial services industry spends an estimated $70B annually on KYC/AML. And yet, banks large and small fail to properly link KYC and AML tracking. Therefore, they are face sanctions, enforcement actions, fines and shareholder lawsuits for failing to develop effective KYC/AML environments.

Financial institutions typically use some variation of the five pillars approach to safety and soundness. These can be briefly described as (1) written policies and procedures; (2) a designated KYC/AML compliance officer; (3) independent testing of the institution’s KYC/AML program; (4) implementation of an adequate employee training program, and (5) ongoing customer due diligence.The implementation of these five pillars is based on best practices associated with governance, process, and systems. It is not unusual to look at governance, process and systems as separate activities managed by specialists in their respective areas. Agile Compliance facilitates the integration of policy, process, and systems within the overarching requirements of safety and soundness. Agile Compliance combines the human intelligence elements of compliance (governance and process) with machine intelligence (data analytics and AI) to implement a risk-based

Agile Compliance

By linking LoBue expertise in Banking process with Amberoon’s automated data analytics and AI system, (Lucre), a modernized KYC/AML solution closely aligned with a bank’s mandate of safety and soundness is created. Amberoon leverages advances in AI, data engineering and security to make complex AML processes insightful, efficient, and cost-effective. When this is linked to LoBue’s process effectiveness for KYC, a closed loop solution is created that GUARANTEES effective results.

- Bank Exam Preparation
- Monitoring of High Risk
- Alert Management
- On-boarding

After aligned processes ensure accurate KYC information, Lucre AML uses data from ongoing transactions, third-party sources, and proprietary algorithms to enable forensic inquiry that identifies bad actors/transactions and reduces risk. The technology builds on a risk-based approach that works with effective KYC processes to implement a Regulatory System of Insight for banking operations

LoBue’s 40 years of Banking process expertise insures an air-tight KYC process. Amberoon AML has ‘wraparound’ capabilities to work with legacy solutions in mid-contract.Significantly reduces false positivesSlashes operating costs by up to 50%Identifies emerging risksAccelerates UBO (Ultimate Business Owner) tracking.

LUCRE Advantage

Regulatory guidelines state that a risk assessment process is to identify the specific products, services, customers, entities, and geographic locations unique to the bank. This requires tight integration of governance, processes, and systems. Bank leadership oversees governance and needs processes and systems to follow. Agile Compliance powered by modern technology makes this possible. Call us for an assessment and how we can help you.