BitWords Inc

AML as Service

LiveEx-Shield

LiveEx-Shield offers integrated AML solutions for fintech platforms, providing advanced

tools and API-services without requiring extensive in-house development and maintenance.

Transforming Numbers into Wins

Discover why our clients consistently rate us highly for our dedication and results.
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Concept

AaaS facilitate fintech to integrate AML tools Similar to the Banking as a Service (BaaS) model
AaaS is a cloud-based service model that provides comprehensive AML solutions to fintech companies through a set of APIs. Similar to the Banking as a Service (BaaS) model, AaaS allows fintech companies to integrate AML functionalities into their platforms seamlessly. AaaS include sanction screening, risk assessment, transaction monitoring, and regulatory reporting.

Problems

Complying with AML regulations

Complex architecture for AML data points

Continuous changes in AML requirements

Costly subscriptions for multiple AML data sources (screening, verification, UBO, KYB)

Industry specific risk assessment framework configuration

Compliance policies tailored to industry and customers

Regulatory reporting and compliance audits integration

SaaS - Solutions

Robust and integrated suite of AML

Seamlessly embedded into Fintech.

Cutting-edge AML tools and services

Cost – Effective , Incredibly economical

CaseStudy

Overview
Philips owns a small money service business (MSB) in downtown, struggling with regulatory requirements and reporting obligations for anti-money laundering (AML) compliance. Without trained compliance staff and adequate accounting software, Philips’ business faced continuous threats of closure. This case study explores how AML as a Service (AaaS) provided by a fintech company revolutionized Philips’ business operations, enabling growth and compliance.

75%

Time Saving

99.9%

Accuracy Achivement

60 %

Cost Saving

Lack of Expertise: Philips was never formally trained in business management, let alone the complexities of AML compliance. Ineffective Tools: The mix of different software products used was inadequate for meeting AML compliance requirements. Regulatory Risks: As a new MSB, Philips’ business was considered high risk, making compliance even more critical and challenging.
Philips faced several significant challenges:
To address these challenges, Philips adopted AML as a Service (AaaS) provided by a fintech company. The AaaS solution included:- Compliance Advisor: Fintech-developed compliance advisory integrated within Philips' operations, offering actionable insights on meeting regulatory requirements. (a) Comprehensive AML Tools: Access to screening, monitoring, risk analysis, and compliance reporting tools within the AaaS application suite. (b) Real-Time Monitoring: Real-time access to AML tools, ensuring continuous compliance and reducing risk.
Solution: AML as a Service (AaaS)
Integration: Embedding the AaaS solution into Philips’ existing operations. Training: Providing guidance and support on using the new tools. Risk Analysis: Using non-traditional data points to assess and lower Philips’ business risk score.
The implementation process included
(a) Business Growth: Actionable insights and streamlined compliance allowed for business expansion and opening a second location. (b) Increased Efficiency: Reduced the burden of compliance reporting and regulatory audits. (c) Enhanced Compliance: Achieved full regulatory compliance with real-time monitoring and AML tools.
Results, After implementing AaaS, Philips saw
(a) Lack of Training: Access to expert compliance advisory filled the gap in business and AML management knowledge. (b) Compliance Struggles: AaaS provided a streamlined approach to regulatory reporting and AML compliance, transforming Philips’ business from high-risk to compliant.
Current Pain Points Addressed
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Needof AaaS

Sanction Screening

  • Real-time customer and transaction screening.
  • Automatic and periodic rescreening.
  • Alerts and notifications for matches with global sanction lists

Risk Assessment

  • Evaluation of customer risk profiles
  • Initial and ongoing risk assessments
  • Machine learning models for risk scoring

Transaction Monitoring

  • Real-time monitoring
  • Online & Offline Rules
  • ML Modules Identifications, Red-flags, Threshold Management Alerts, Case Manager , detailed MIS , EIS

Regulatory Reporting

  • Regulatory Reporting validation, verification and configuration
  • Regulatory , LCTR, LCVTR , STR, EFT API-Report
  • GoAML –Reporting

Comprehensive

Compliance Layer
Ensures that all AML processes comply with the latest regulatory requirements and guidelines.

Sanction Screening

If you’ve had a long history with your business, or if there were a lot of obstacles along the way that took some creativity to overcome, then it’s important that they know about it!

Regulatory Reporting

If something went wrong in your business model or operations that caused a loss of revenue or time (or both), tell them about it— but make sure not to blame anyone else for it!

Risk Assessment

Appraisers are human, after all—they want to hear about how you started and how your company has grown over time.

Transaction Monitoring

You can trust appraisers to ask the right questions and guide the conversation in a way that will help them understand what you want from them.

Thank you

We are delighted to assist you with all your questions and support your AML compliance challenges.

Reach out to us to discover how AaaS can elevate your fintech platform.

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