Anti-Money Laundering System

Anti-money laundering system is like a digital detective that helps your SACCO keep members investments safe from illegal activities.

Anti money laundering system

Why Your SACCO Needs an Anti-Money Laundering System

Know Your Customer (K.Y.C)

Customer Identification and Verification

Anti money laundering system Customer Identification

We have established standards regarding Know-YourCustomer. These standards require due diligence on each prospective customer before entering into a business relationship.

Individual Risk Assessment

The factors taken into account for the individual risk assessment and
classification (very high, high-medium-low risk) of our customers on a risk-sensitive basis are the ones that are in the scope of the Enterprise-Wide Risk Assessment as mentioned relates to the same categories of risk:

– Delivery channel risk
– Product, service or transaction risk
– Customer risk
– Geographical risk

Examples of such risk factors that we are taking into account to assess customers as an increased risk of ML/TF and for which an enhanced due diligence is applied, are:

– Home country or country of residence or registration
– Country of birth or incorporation
– Nationality
– Profession
– Economic activity
– Appearance on sanction lists
– PEP-status (politically exposed persons) of customers,
representatives and beneficial owners; o the delivery channel
(face-to-face or remotely with or without safeguards)
– Source of wealth
– Type of customer
– Type and size of payments that could be expected.

Know Your Transactions (K.Y.T)

Anti money laundering system know your transactions

Local Compliance functions ensure that ongoing transaction monitoring is conducted to detect transactions that are unusual or suspicious compared to the customer’s risk profile (expected versus real transactional behavior). This transaction monitoring is conducted on two;

AML issues and activity reports are submitted on a regular basis to the local Audit, Risk and Compliance Committees. On a yearly basis local Executive Committees or equivalent assess the quality of coverage of the internal control in this respect.

Coretec’s governance, risk, and compliance (GRC) proposition willempower your SACCO to establish the right controls to meet risk objectives, and then monitor and report on the effectiveness of those controls. This is achieved through built-in processes that are designed to handle increasingly complex regulatory, operational, and compliance challenges as the sacco grows. Automation allows for greater efficiency, reduces risk, and enhances the Sacco’s ability to track data changes for enhanced financial integrity.

Documents Audit Trail

Anti money laundering system documents audit trail

The registers are indeed the place for ERP documents audit trail, for posted documents. In ERP one cannot delete a posted document, at
best, one can reverse some entries, but the full audit trail (initial document + reversed entry) will be captured and stored. Some of the audit reports contained in the module that can be used for fraud monitoring include the following;

Audit Reports Contained In The Fraud Monitoring Module

– G/L Entry without savings ledgers
– G/L Entry without credit ledger
– G/L Entry without bank ledger
– Loans with negative balances
– Loans not charged interest
– Accounts with negative balances
– ATM transactions not matching names
– Mobile transactions not matching names
– All ATM/Mobile trans for staff
– Reversed savings account entries
– Reversed credit account entries
– ATM/Mobile Trans not matching any account

– All account transfer transactions
– Deposit transactions to staff accounts
– Loans without critical info
– Accounts with high deposits
– Accounts with high withdrawals
– Account transactions exceeding the reporting threshold
– Large cash transactions at different branches
– ATM cash deposits below the reporting threshold
– Large cheque deposit transactions
– Accounts missing critical information
– Revenue leakage reports (ATM charges, member closure charges,
registration fees, OTC transactions, loan charges, salary process)

Why Choose Us

Simple Process To Anti Money Laundering System Implementation.

Understand Your Challenges

We will discuss with you to understand the challenges facing your SACCO and your goals for the SACCO.

System Demo

We conduct a practical and interactive demo of our system, to show you how you can solve the challenges and achieve the SACCOs objectives using AML System.

System Implementation

After you are fully convinced that we are your best partners and approved by relevant authorities, we start implementing the anti-money laundering system.

Training & Support

Your team will be trained on how to use the system to achieve their tasks.

From here, we will also start giving you the full support you need in regards to the system

Request A Free Demo

Request A Free Demo