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To rephrase an iconic dialogue, “with great power comes a test of strength.” This statement demonstrates the present-day financial technology scene to a tee. Where there is no limit to the size of the victim or the attack, security is only as strong as the weakest link. In a market that grows by leaps and bounds every day, it is the rise of advanced and customer-friendly technology that has left doors open for fraud and newer methods of money laundering. “The first step to nipping money laundering at the bud is to understand and screen internal and external stakeholders—employees and customers,” explains Kumiko Takeshita, co-founder and COO at SIORK, a technology company that empowers its clients to fight the battle against money laundering, terrorist financing, and financial fraud.
SIORK’s SaaS-based anti-money laundering (AML) solution revolves around keeping the “bad guys” at bay and safeguarding its financial clients. According to Kumiko, the AML cycle begins with onboarding the customer and using KYC to perform risk rating by screening them against public and internal customer lists. Alongside KYC, SIORK blends customer due diligence (CDD) to ensure periodic reviewing of the database, comprising not only basic information but also the records of every transaction ever made. These documents form the basis for transaction monitoring, which SIORK combines with an intuitive user interface to allow the institution to supervise the transaction workflow.
For financial institutions, SIORK’s holistic and comprehensive SaaS AML solution saves the trouble of installing multiple applications.
SIORK’s SaaS-based AML solution revolves around keeping the “bad guys” at bay and safeguarding its financial clients
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