“Stopping money laundering is not just about stopping some accountant from fixing the books. Stopping money laundering is about saving peoples’ lives. It’s about going after the money in people trafficking that sees hundreds of thousands of people being forced into prostitution and forced labour. It’s about stopping drug dealers from laundering their money which can be used to fuel gun crime, stabbings and murders.” – David Lewis, FATF Executive Secretary
The Problem
Financial crime has become a major issue for all financial services organisations as well as many others caught up in its scope. The compliance focus and the associated costs are substantial, and at all levels the penalties for failure have become ever more significant.
Detection, prevention of fraud and compliance violations remains high on the agenda of operators and regulators. There is a lack of risk-based supervision for the Global business sector while law enforcement agencies struggle to conduct parallel financial investigation due to limited access to critical and accurate information leading to the inability to take timely sanctions.
With the ever-evolving world of financial crime helped by the use of new technologies, it is becoming even more difficult for traditional business to accurately track and report on AML/CFT. There is a need to have a solution that can evolve and adapt rapidly to this new paradigm.
The Solution: SonarPulse
Moving KYC/KYB and other Financial Crime Monitoring from a time-based frequency to a real-time monitoring based on big data scoring. This has been made possible through the Sonar algorithm that embeds Machine Learning and AI that constantly monitors all the control points on a real-time basis benefitting all players from Licensees, Regulatees, Regulators and the Jurisdictions.
Some control points being used:
Continuously scanning and testing sources of information for relevancy and accuracy, both locally and internationally.
- Sanctions List
- Public and Adverse Media
- PEP
- Social Medial
- Directors and Shareholders
- Local Databases [Supreme Court, Government gazette, etc...]
The AIM
To be the most trusted Risk Screening solution provider on the African Market. Our USP is our Unique Scoring Engine proving a Risk Score for each Screening being done and our unique comprehensive report that is easy to digest.
All this has been made possible through our various partnerships and collaborations with leading Sanctions databases and our own-ip AI Scanning Engine that continuously integrates and scans publicly available data sources.