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Risk X DAWN ATMS
A Systemic Orchestration of Next-Generation Machine Learning Anti-fraud Engines
The RISK X DAWN ATMS is a systemic orchestration of LOCSTAT® LIGHTWEAVER , a globally recognised next-generation machine learning anti-fraud engine that can be architected as an embedded solution or a managed service. Included in FinTech Global's first FinCrimeTech50 list, Locstat® was recognised as one of the most innovative tech companies in the financial crime vertical for 2024.
An Automated Transaction Monitoring System (ATMS) is specialised software used by financial institutions and other FICA-regulated organisations to track, analyse, and evaluate transactions and patterns in data in real-time. Its primary goal is to detect suspicious activities or patterns that may indicate fraudulent behaviour, money laundering, terrorist financing, or other types of financial crime.
An ATMS is critical in modern anti-money laundering (AML) and fraud prevention efforts. It helps institutions meet regulatory requirements and protect themselves and their customers from fraud and the consequences of non-compliance with FICA regulations.
DAWN ATMS’s automated transaction monitoring system provides numerous benefits, particularly in sectors like banking, finance, and e-commerce, where detecting fraudulent activities, ensuring compliance, and managing risk are crucial.
Compliance and security are not just obligations; they are the foundation of trust in the financial world. An Automated Transaction Monitoring System transforms risk management into a strategic advantage.
- Andrew Dalrymple
A New DAWN in AI Intelligence
Timely Alert Handling
Reporters address ATMS-generated alerts within 48 hours to quickly assess the need for reporting.
Mandatory Compliance and Oversight
Ensures that the board or senior management oversees ATMS processes, maintaining accountability.
Skilled Staff and Resources
Trained staff handle alerts efficiently, with enough resources to avoid backlog, ensuring continuous regulatory compliance.
Documentation and Governance
A detailed audit trail and documented governance procedures are required for system changes, supporting transparency and traceability.
Holistic Detection Approach
Detection rules are dynamic, allowing the ATMS to capture similar suspicious activities automatically, adapting to evolving risks.
Manual Reporting Integration
ATMS usage does not replace manual reports, so internal stakeholders can still report suspicious activities, adding another layer of vigilance.
Regular Validation and Review
ATMS detection methods and system effectiveness are validated, periodically reviewed, and optimised to maintain optimal performance.
Customisation for Local Risks
Foreign subsidiaries tailor ATMS settings to manage local risks effectively within the domestic regulatory framework.
Holistic Client Monitoring
ATMS provides a consolidated view of alerts and suspicious reports across branches and systems, fostering a comprehensive compliance approach.
Accountability for Non-Compliance
Non-compliance may result in sanctions, highlighting the importance of adhering to the directive for accountability and compliance.