Will small businesses forced to investigate financial crimes cope?


Earlier this year, a gold trading company was fined a shocking AED 1.3 million for failing to comply with new anti-money laundering (AML) guidelines .

Now, with the recent update to the law, it’s not just the banks that have to tackle money laundering and terrorist financing. The list includes:

  1. Real estate brokers and agents
  2. Dealers in precious metals and precious stones
  3. Independent auditors
  4. Business creation service providers

“With ever-changing regulatory and reporting requirements, SMEs are in a difficult situation,” said Amal Sharma, sales director of technology development company Effiya Technologies. “They can’t afford the huge regulatory fines for non-compliance, but neither can they afford to buy sophisticated AML systems or deploy large internal teams to manually compensate for increased AML workloads. or Fight against the financing of terrorism (CFT).

“Additionally, the ever-evolving investigative criteria present the need for a zero-code platform that corrects AML / CFT violations in near real time rather than through a lengthy IT change request cycle. These companies are increasingly turning to Effiya’s intelligent AI solutions to sustain their business.

Dubai sets up new specialized court to focus on financial crimes

Courts in Dubai have said a new tribunal, focused on anti-money laundering, will sit in the Magistrate’s Court and the Court of Appeal

The Compliance Suite by Effiya can help companies with any of the compliance challenges (with the help of the Compliance Suite by Effiya). Below, Sharma discusses some common concerns expressed by SMEs.

New regulations follow one another. We have to pay the IT vendors for each change request.

With Effiya Compliance Suite, you don’t need to know programming. Users can create and update everything through a simple drag and drop interface. What normally requires filling out change request forms, extra per day, testing, and new code releases is now replaced by a zero code platform.

The corresponding software is mainly designed for large organizations. Expensive hardware is needed to run it.

Effiya’s solution can scale from hundreds of clients to millions of clients. If your organization is smaller, this solution will easily run on a single computer.

The new regulations oblige us to implement a risk-based approach …

With Effiya, you can assess risks on the go.

Aren’t financial crimes complex and difficult to track?

Within the solution Effiya offers an investigation module with visual features. This means you can clearly see who your customers are dealing with. Data on these transaction partners will be collected and analyzed, so that even complex chains of illegal activity will be tracked.

We already have few existing systems and we don’t want to change them.

Effiya Compliance Suite integrates with several client systems (KYC / CDD, Swift, Core systems)

We don’t have the budget to investigate so many suspicious events.

With Effiya your alerts will be optimized. This means that the risk levels will be checked automatically and you will be warned for far fewer false positives. Effiya customers see up to 30% fewer unnecessary alerts.

We don’t know if the software will be able to capture financial crimes.

Our algorithms such as fuzzy name search and text analysis will help you detect illegal activity more effectively

To learn more about Effiya Compliance Suite, visit https://www.effiya.com/aml-solution/

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