Suspicious Matter Reporting

Polonious enables one/minimum click Suspicious Matter Reporting (SMRs) with regulatory bodies, allowing for significant time savings on your compliance activities. In conjunction with our other time saving workflows, especially our anti money laundering and counter terrorism funding workflows, you can triage and investigate a suspicious matter, and then finalise your case with a report directly to your reporting body, all without leaving Polonious.

 

To deliver this solution, the relevant reporting body needs to have APIs, or some other web based reporting solution enabled. Please contact Polonious to discuss your specific needs.

Key Benefits

 

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Instant reporting directly from Polonious

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Report directly from case elements – reducing errors copying case data into forms

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A single source of truth if your matters are audited

Application Highlights

 

Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 - Be confident that you’ve fulfilled your compliance obligations
Save time filling out forms and concentrate on your core business

You benefit from using Polonious in so many ways…

More than any other factor, the ability to configure a case management solution to reflect your business process gives you a competitive and organizational advantage.

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Faster turnaround times. By allowing users to focus on their core responsibilities and not administration and reporting, they are freed up to work the case and complete it in a timely manner.

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Ease of navigation, offering easy to use person, organisation and entity searching, case filtering and deep data and document search functionality users can easily find critical information or cases and take action.

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Instant overview of case statuses. Via the dashboard, users immediately get a view of their cases with statuses and key dates identified.

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Instant updates. Managers in the office can access the newly added data at the press of a button and share it with internal or external clients.

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Reduced administrative effort. Typically Polonious reduces case administration from 10 to 25%.

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Guided behaviour via configuration of available actions makes it easy for users to understand what they should do next. Users can easily add updates and enter text, change statuses, upload documents or media, check off completed actions, record relevant metrics like case time, travel time, expenses or mileage traveled, proof entries made by others, record complaints or use the log entry as a basis to create a report.

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Available anywhere, anytime, online or offline. Users in the field can update case information directly with any device that can run a browser or the ios or android application then sync back to Polonious when they next have access to the Internet.

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Automated case reports. In many cases the reports can be completely automated using data, documents and images added during the investigation process.

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Less is more. Users only see the parts of the system relevant to their involvement and only cases that they need to see. Once logged in, the user’s view of the world is dependent on many factors including their role in relation to a case such as as a specialist, supplier/vendor, staff member, manager or auditor, the current status of the case and the business units or organisations they are attached to.

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Automated updates keep interested parties aware of the progress of their cases via status updates, emails or text (SMS) messages.

How Does Polonious Systems’ Anti-Money Laundering Software Solutions Help You Remain Compliant?

The United Nations estimates that the amount of money laundered globally each year is around 2-5% of the global GDP, or USD $800 billion-$2 trillion. Polonious Systems is one of the leading anti-money laundering software vendors globally. Our systems enable banks and financial institutions to report suspicious activity and remain compliant while simultaneously increasing productivity with improved workflows. Here are a few ways Polonious’ AML software solutions help your organization stay compliant.

Recognizing suspicious activity

Highly organized crime operations are exceptionally strategic in the ways they launder money, and unless you have innovative anti-money laundering software, some cases may go undetected. Here are a few types of money laundering activity to keep an eye out for.

  • Increased transaction frequency. If you notice an account that suddenly spikes in activity, it could be a sign of money laundering or terrorism funding, and you should lodge a suspicious transaction report.
  • Strange loans. When someone borrows money from the bank and pays the loan in full soon after, you should treat it as suspicious. Likewise, a person who consistently maxes out a credit card before paying it off again immediately should be investigated.
  • Paying loans in cash. Whether customers pay their loans in one go or installments, if they consistently pay in cash or via cheques rather than digital transfers, it could be a sign of suspicious behavior.
  • Association with other accounts showing high-risk activities. High-risk accounts may be accounts that have already been flagged for suspicious activity or accounts in countries renowned for money laundering.

Why is anti-money laundering software essential?

Not only does every financial institution have an obligation to work to minimize money laundering actively, but it is also beneficial to your organization to do your part.

  • Prevent regulatory consequences. Failure to report suspicious activity such as money laundering or suspected terrorism could result in massive fines. You must investigate and raise suspicious activity the moment it is identified, which is why it is recommended that banks and financial institutions that you discuss options with AML software vendors such as Polonious Systems.
  • Reputation management. A money laundering or terrorism funding crisis could have dire consequences for your brand. Most organizations in the finance industry are successful because they have earned the trust of their customer base. However, companies under investigation for money laundering or illegal activities are seen as less trustworthy to their customers, ultimately costing them clients and revenue.
  • Protecting customers. Ultimately, customers are at the center of the finance industry, and we need to do everything we can to take care of their information, data, and money. Making sure businesses are compliant with current AML and CTF regulations ensures customers remain protected by financial institutions.

How to report suspicious activity

Creating a money laundering report has never been easier thanks to Polonious’ anti-money laundering software. You won’t have to leave Polonious to create a comprehensive Suspicious Activity Report (SAR).

  • Suspicious activity is flagged and triaged. Polonious will raise potentially suspicious activity for investigators to enquire further or label a false alarm.
  • Investigate the matter. Using the information acquired by Polonious, you can then look into the potentially suspicious activity. Throughout the investigation, you can update your case with documents, notes, photos, and videos from anywhere at any time.
  • Finalize your report. Once your investigations team has finalized the case, they can generate a Suspicious Matter Report (SMR) directly in Polonious. It is simple, prevents double-ups of inquiries, and allows the relevant authorities to access a comprehensive money laundering report to aid their continued investigations.

How does Polonious Systems provide anti-money laundering software solutions?

When you use Polonious software, your organization will have access to the same anti-money laundering tools used by banks.

  • Detect patterns of money laundering early. Our software helps you generate comprehensive reports complete with amounts and transaction types, allowing you to detect suspicious activity patterns early, thereby minimizing damage.
  • Integration with rules engines. You will save so much time updating workflows to reflect current policy when you use Polonious. This anti-money laundering software cuts down on time-consuming administrative tasks so you can refocus on the intricacies involved in AML investigations.
  • Better manage cases. Polonious will give you a deeper understanding of the investigations team’s caseload, as well as breakdowns of case types, dates, actions made, and comprehensive notes, photos, and footage.
  • Faster results. Because your investigators will have more time to focus on their case’s complexities rather than tedious administrative tasks, your turnaround times will improve dramatically, and your caseload will reduce very quickly.

Why is Polonious Systems your first choice for AML compliance software?

Polonious Systems are proud to be a premium-quality anti-money laundering tool for banks. There is a reason why we are the first choice for AML compliance software.

  • Sort through suspicious activity quickly and efficiently. With Polonious, you will be able to raise suspicious activity with simple online forms. Potentially suspicious activity is detected by Polonious and is either confirmed or denied by investigators before being lodged.
  • Access your cases from anywhere. With case sharing capabilities across devices and the Polonious mobile app, you will be able to manage your cases on the go, updating whenever you need to from wherever you are located.
  • Streamline your reporting processes. Save yourself time on correlating information and creating reports with Polonious’ simple report generation functions. You will have access to a wealth of knowledge, all in an easy-to-understand report format.

If you need anti-money laundering software solutions, contact Polonious Systems

Since 2005, Polonious Systems have provided scalable workflow management and risk assessment software to businesses of all shapes and sizes. We are committed to staying ahead of technological advancements and providing advice and support with IT capabilities across insurance investigation, banking, private investigations, and education. We are renowned for our wealth of experience, professional conduct, and willingness to support our clients comprehensively. If you are looking for anti-money laundering software solutions that help automate your suspicious activity reports, contact the Polonious Systems team and find out what we can do for you.

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