AML and Anti-fraud

Financial monitoring — Anti-money laundering — Detection of fraud schemes

COST-EFFECTIVE AND EFFICIENT IMPLEMENTATION OF FINANCIAL MONITORING
AML AND ANTI-FRAUD SYSTEMS

We help banks and financial institutions implement AML financial monitoring and anti-fraud systems quickly and cost-effectively, based on our own developments. Our systems make it possible to track and analyze suspicious transactions with high accuracy, counter fraud and comply with the rules set by regulators

Why implement AML

AML is recommended for businesses and banks all over the world, both in the interests of the owners themselves and in the interests of the international fight against economic crime. AML requirements become tougher every year. Without adequate monitoring processes, banks may face fines and sanctions.
Anti Money Laundering (AML) is a set of procedures, laws and rules designed to counter the laundering of money and the financing of terrorism.

Prime Source AML — our own unique system

We have developed our own unique software for managing the anti-money laundering (AML) process. It saves our clients money and time on implementation, allows the monitoring system to be configured for the customer’s specific needs and makes it possible to continuously improve the program’s algorithms, procedures and rules in order to respond to external and internal changes in good time.

12 12 years of combined AML expertise are built into the system’s algorithm
80 80% of the country’s daily banking transactions are analyzed by our system
40 40 standardized financial transaction analysis scenarios out of the box
30 30 successful implementations, including projects at eight of Kazakhstan’s top 10 banks

Flexible system architecture
Our system makes it possible to set up end-to-end analytics – end-to-end testing of transactions that takes into account every possible scenario and relationship.
The Prime Source AML system processes and analyzes all available data and draws conclusions from combinations of it: transactions and customers, rule parameters, decision histories, signatures of suspicious transactions, transaction monitoring data, and the decision-making rules of the compliance department.
The flexible architecture of the system makes it possible to add any data sources for analysis quickly, even unstructured ones, and to change rules and models, improving the effectiveness of the analytics.
Advanced analysis algorithms
We use machine learning technology and algorithms for topological data analysis, decision analysis and rule adaptation. This helps capture suspicious customer activity faster and more effectively.
We speed up investigations – every suspicious transaction is sent to the compliance department together with a description of the reason.
The system accumulates not just raw data but the experience of the organization, and identifies best cases so that they can later be built into the compliance risk management process.
This approach saves the company’s resources and reduces the time spent investigating suspicious transactions.
Cost-effective maintenance and implementation
The Prime Source licensing policy allows our clients to save on maintaining the system.
Thanks to the modular design of our system, clients choose the optimal solution themselves and add new functions as the need arises.
The company’s open approach to development and support gives clients the opportunity to understand how the system works and to be confident in its stable, failure-free operation.

How PRIME SOURCE AML helps banks

1 We reduce the number
of false positives
by 30%
The combination of human intelligence and machine learning technology gives a high degree of certainty that the transactions flagged really do require review. Our system is not simply set up to react to breaches of specific, pre-defined rules — it continuously processes incoming information and makes it possible to draw the right conclusions:
- it performs full screening of customers and transactions in real time;
- it lets you manage and configure blacklists and whitelists;
- it supports international lists:
  OFAC, UN, EU, PEP, Dow Jones sanctions lists, WorldCheck, WorldCompliance and internal lists.
2 We cut the time
of an investigation
by 70%
Clear, simple presentation of information for the compliance department, with a detailed explanation of why a transaction was flagged as suspicious;
information is consolidated into a single picture for a more effective investigation;
automated investigation processes, the ability to analyze and combine data from different sources, and automatic conversion of information into convenient forms of suspicious activity reports, currency transaction reports and other forms used by financial intelligence units worldwide, improving the accuracy and speed of investigations.
3 We lower the cost
of running the
compliance department
Thanks to special algorithms, our system helps identify questionable transactions more accurately, while process automation reduces the amount of manual work for compliance officers, cuts the volume of paperwork and saves operators’ time.
- Data is presented in a clear visual form so that operators can grasp the history of an investigation faster;
- operators focus only on the highest-priority alerts that meet SAR requirements;
- every transaction is sent for review with a detailed description of the reason, so that employees’ time is not wasted.
4 We provide in-depth
data – a 360-degree
customer view
We show the full picture of customers and their transactions on an intuitive dashboard that increases the speed and effectiveness of investigations.
We carry out in-depth analysis: we find the relationships and connect every point of contact between the customer and the bank – this makes it possible to identify suspicious transactions faster and more accurately. We provide fast and convenient access to data, reports and documentation.
5 We refine the algorithms
and update the system
Unlike other AML solutions, the algorithms of the Prime Source system continuously track incoming data, detect large-scale changes in user behavior, draw conclusions and propose new solutions for experts. We are constantly improving the system, developing smart algorithms that will soon allow it to learn and evolve on its own.
6 We continuously grow
our own development
team
We accumulate knowledge, sharpen our own skills and constantly test ourselves on the international stage: we are repeat winners of Kaggle data analysis competitions holding Kaggle Master status. Our team includes graduates of the Yandex School of Data Analysis and PhDs in economics.

The volume of our transactions is growing, but the number of operators has stayed the same. The volume of paperwork has dropped noticeably and there are fewer errors. We can now process a larger number of incoming accounts, knowing that we will not be exposed to regulatory risk. Our clients know that the National Bank has no complaints about us.

Why Kazakhstan’s top 10 banks
choose Prime Source solutions

Products from foreign
developers
Hard to tailor to a specific client
Off-the-shelf offerings from large companies are harder to customize, configure and change to fit the realities of a particular customer, because they use closed source code
Expensive implementation
Solutions from large, well-known players on the international market are usually more expensive and take more time, and the cost of buying an annual license is comparable to the cost of implementation
Slow feedback
Because of the time difference with a foreign support service, it is not always possible to get a fast answer to a request
Language barrier
Most support operators at foreign companies speak English only

Product by
Prime Source
Easy to customize for any client
We use a modular system so that every customer can choose the option that suits them and configure their own monitoring scenarios. We work with open source code
Cost-effective implementation and maintenance
We use our own developments, which makes our solutions more affordable, faster and more effective. Once our system is implemented, you can maintain it yourself
Available 24/7
Our clients receive a response within a few minutes
We answer in the language you write in
We speak Kazakh, Russian and English

PRIME SOURCE AML for non-banking organizations

Currency exchange offices We will select an affordable off-the-shelf solution and implement it within two weeks
Financial companies We will help non-banking organizations implement AML, gain an advantage over their competitors and meet every regulatory requirement

PRIME SOURCE AML for non-banking organizations

Cross-platform capability
We integrate the solution with any automated information system and set up the work of the compliance department within a single system
Adaptability
We adapt the system to specific conditions and needs so that clients save on implementation
Analytics and reporting
We build analytical dependencies and carry out in-depth data analysis
Scoring
We score customers and apply a risk-based approach when checking transactions
Up-to-date rules
We keep track of updates to regulator and bank rules so that tasks are resolved promptly
Modularity
We designed the system so that a client can select the modules they need and configure their own scenarios

Seven modules included in the basic solution

1
Online transaction checking and suspension Before a banking transaction is executed, the system instantly checks it against the list of terrorists, the list of public figures and the list of countries. In this mode, the AML system connects to the automated banking information system in order to prevent a suspicious transaction from being executed before the check is complete
2
Offline transaction checking The system checks executed transactions offline in order to identify suspicious ones according to defined parameters and rules and, where necessary, sends them to the compliance department for further investigation
3
Interaction with the authorized body The system sends the completed transaction record to the Financial Monitoring Committee for review through the secure Fasti 2 channel
4
Configuring scenarios and rules The system has been trained on more than 40 scenarios and rules. For example, it will quickly detect transactions that resemble a financial pyramid, or other standard suspicious patterns of user behavior
5
List updates This component keeps user blacklists continuously up to date. The system regularly checks against the UN, OFAC, foreign PEP, Dow Jones, World Compliance and other reference lists. The update frequency can be set manually
6
Customer profiling This component helps generate standard AML reports and create your own. To study suspicious schemes and transactions in more detail, the investigation center presents information in convenient, easy-to-read charts.
7
Administration This component helps protect user accounts from being compromised: it grants access only to authenticated users, requires a password change every 45 days and assigns users to groups with a similar level of access to user interface functions.

ANTI-FRAUD – A MODERN SYSTEM FOR MONITORING AND PREVENTING FRAUDULENT TRANSACTIONS

A distributed, fault-tolerant system for detecting fraudulent activity.
We implement anti-fraud quickly and cost-effectively – a ready-made, proven solution based on our own developments. We help financial institutions and their customers counter the theft of funds and prevent the actions of fraudsters.

Our own protection system for banks and financial institutions

Our monitoring system is built to detect and protect against financial fraud and cyberattacks: it automatically checks every event, passing it through a multitude of configurable filters. Anti-fraud by Prime Source provides advanced, tailored analytics that speeds up fraud detection and reduces both the workload of the security department and the amount of manual work.
Advanced functionality makes it possible to detect cases of internal fraud and of fraud involving payment cards, remote service channels and lending, and also helps monitor compliance with regulations and internal standards.

HOW PRIME SOURCE ANTI-FRAUD HELPS BANKS

1 Detects payment card fraud
Identification, analysis and the ability to block a user’s cards. The system analyzes all available data: transactions, location, information about the user, their operations and the entities connected to them
2 Monitors every payment
The system fully monitors the life cycle of any payment: from the transaction to the point where it leaves the bank’s system
3 Protects remote banking service systems
Anti-fraud minimizes the number of fraudulent transactions across the various remote banking service systems
4 Protects against internal fraud
The system’s algorithms help detect internal fraud events effectively and prevent possible fraudulent actions by employees

ADVANTAGES OF THE PRIME SOURCE ANTI-FRAUD SYSTEM

reliability
Our system is built on an architecture that processes 80% of all financial transactions in Kazakhstan
accessible expertise
Prime Source regularly creates and modifies rules for detecting fraudulent transactions on the basis of incoming data, and whenever a new typology appears, the company’s expertise is rolled out across the entire client network
cost efficiency
Our system is compatible with any bank IT infrastructure. Thanks to our own developments and the high level of competence of our team, we implement anti-fraud effectively and in the shortest possible time