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Your Industry & Our Solutions

01

Financial Institutions

  • Commercial Banks
  • Islamic Banks
  • Investment Banks
  • Micro-Finance Banks
  • Development Financial Institutions

 

To mitigate the risk of non-compliance with AML/CFT/CPF and Other Regulations which may result in organization being fined and penalized by the Regulator, it requires a complete AML Solution including the following:

  • Sanction Screening
  • PEP Identification, Marking and Screening
  • Know Your Customer (KYC) and CDD measures
  • Customer Risk Rating Methodology
  • Transaction Monitoring System
  • Suspicious Transaction Reporting
  • Regulatory Compliance Advisory
  • Financial Crimes Advisory

02

Insurance Companies 

An important aspect of the way the insurance industry operates is that most of the business conducted by insurance companies is transacted through intermediaries such as agents or independent brokers. Insurers, with some exceptions, are subject to AML requirements.

To avoid insurance crime and fraudulent claims, AML solutions are given below which are offered by us

  • Sanction Screening
  • PEP Identification, Marking and Screening
  • Know Your Customer (KYC) and CDD measures
  • Customer Risk Rating Methodology
  • Transaction Monitoring System
  • Suspicious Transaction Reporting
 
 
 

03

Gaming And Casinos

Casinos and other businesses associated with gambling, such as bookmaking, lotteries and horse racing, continue to be associated with money laundering because they provide a ready-made excuse for recently acquired wealth with no apparent legitimate source. Therefore, Stifle offers online verification with AML solutions shown below to beat ML and mitigate the risk 

  • Financial Crimes Screening
  • PEP Identification and Screening
  • Transaction Monitoring
  • Suspicious Transaction Reporting
  • Electronic-Know Your Customer

04

Brokerage Firms

The securities industry provides opportunities for criminals to engage in money laundering and terrorist financing anonymously, given the varying levels of AML program requirements in different types of businesses and the high volume of transactions.

The following solutions seems relevant:

  • Sanction Screening
  • PEP Identification, Marking and Screening
  • Know Your Customer (KYC) and CDD measures
  • Customer Risk Rating Methodology
  • Transaction Monitoring System
  • Suspicious Transaction Reporting

 

 

05

Money Service Businesses

As businesses usually provide currency exchange, money transmission, check-cashing, and money order services. These transactions increase the risk of Terrorist Financing, Money Laundering, Proliferation financing. Therefore, here at stifles we provide you with full edge solutions to cover all the bases with swift touch. 

 Money Service Business (Also Regulated by Central Bank) majorly requires the following solutions:

  • Sanction Screening
  • PEP Identification, Marking and Screening
  • Know Your Customer (KYC) and CDD measures
  • Customer Risk Rating Methodology
  • Transaction Monitoring System

06

Non-Banking Financial Institutions

 

  • Asset Management Companies
  • Mutual Funds and Plans
  • Pension Funds
  • Leasing Companies
  • Modarabas

 

All these industries are regulated by the Regulated and thus requires a complete AML Solution such as those referred below:

  • Sanction Screening
  • PEP Identification, Marking and Screening
  • Know Your Customer (KYC) and CDD measures
  • Customer Risk Rating Methodology
  • Transaction Monitoring System
  • Suspicious Transaction Reporting
  • Regulatory Compliance Advisory
  • Financial Crimes Advisory
 

07

Designated Non-Financial Businesses And Professions

FATF recommends certain standards apply to non-financial businesses and professions, include specifically:

  • Casinos (including Internet casinos)
  • Real estate agents
  • Dealers in precious metals and precious stones
  • Lawyers, notaries, other independent legal professionals, and accountants. (Note that this refers to those who prepare or carry out certain duties on behalf of clients.)
  • Trust and company service providers who prepare or carry out certain duties on behalf of their clients.

 

Solutions suggested by stifle for these possibilities are

  • Sanction Screening
  • PEP Identification, Marking and Screening
  • Know Your Customer (KYC) and CDD measures
  • Customer Risk Rating Methodology
  • Transaction Monitoring System
  • Suspicious Transaction Reporting

 

 
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