In 2021, the European Union lost an estimated 133 bn. Euro to money laundering and financial fraud. To prevent such misconduct, banks are mandated to monitor financial transactions for suspected money laundering by German and European legislation. Strict data protection regulations, however, prevent them from sharing transaction data directly, effectively impeding the discovery of criminal networks. To share the necessary information, financial institutions may resort to Requests for Information. These, however, require time and resource intense manual processing, allowing criminal networks to disband before discovery.
To meet these challenges, safeAML aims to digitize Requests for Information, by offering three distinct functionalities: The digitization of the current Requests for Information-process over the phone, the data minimal construction of transaction graphs and the profiling of suspicious transactions. The resulting analyses of cross-institutional transaction data are communicated only to the participating institutions. Neither EuroDaT nor any third party can gain access to the transaction data. The underlying process has been approved by the Hessian Data Protection Officer and a favorable legal opinion has been presented to the BaFin and FIU. Currently, three banks are piloting the service and preparing agreements for taking it to production. safeAML is open to participation of all financial institutions.
If you are interested, request your welcome package with:
our fact sheet,
the contract offer including our price list and
a live demonstration on your premises.