Mint Management develops anti-money laundering solution

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Mint Management Technologies senior client lead Ross Musselman.
Mint Management Technologies senior client lead Ross Musselman.

Microsoft gold partner and technology solutions providers Mint Management Technologies has announced that it is in the final phases of developing an anti-money-laundering (AML) solution that seeks to root out illegal activities in financial institutions.

According to Mint Management Technologies senior client lead Ross Musselman, the solution has been a work in progress since 2014. "Our journey with the anti-money laundering solution began in 2014, when one of the big four SA banks approached us to come on board as a technical supporting partner. The bank was able to provide framework as to what the regulations which need to be met are and what the desired end goals were. Following this engagement, we were able to start developing a solution that is automates and centralises the safety check process."

Musselman says the solution includes centralising customer data, having a remediation process management in place, auditing and an active client compliance portal as well as a reporting functionality. "Financial institutions know the regulatory environment in which they operate better than we ever will and our clients will bring this to the solution when we partner with them. The solution will enable the banks to quickly create the unified view of their customers that should drive better return on investment in their customer engagement strategy.

"The nature of the regulatory environment, particularly in Africa, is that it often forces banks to pressurise clients to comply with the administrative requirements associated with regulations, such as the Financial Intelligence Centre Act (FICA). The solution will allow banks to minimise the documentation requirements needed from clients making it uniquely flexible while meeting a diverse set of regulatory requirements, wherever the financial services company finds itself."

Musselman says in the current phase of development, the AML solution is being built to feature "an architecture that supports more advanced features. Some of the features in the solution roadmap will include a rules engine with a risk-based overlay and an artificial intelligence-based transaction tracking component, as well as configurable third-party integrations," he explains.

A recent global AML survey conducted by financial information firm, Dow Jones Risk and Compliance, in partnership with the Society for Worldwide Interbank Financial Telecommunications (SWIFT) has indicated that 75% of AML professionals are planning to increase their investment in regulatory technology (regtech) in the next three to five years.

"AML initiatives are essential for ensuring that the wealth created in African countries is used to transform the lives of African people. It is imperative that African banks implement remediation projects to ensure AML and know-your-customer compliance - or risk expensive fines and reputation damage," noted Musselman.

The firm is looking to partner with financial institutions in Africa and first version of Mint and Microsoft's AML solution is expected to be available by early 2018.

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