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Anti Money Laundering Transaction Monitoring
Money laundering has a staggering impact on the global economy – estimated to be worth around $2 trillion, anywhere between 2 and 5% of the world’s GDP is lost due to money laundering. Anti-money laundering (AML) solutions and regulatory policies in place are unable to seize most of the illicit financial transactions taking place around the world – only about 1% of the amount is seized by the authorities.
Despite countries and financial institutions worldwide spending over $8 billion on AML compliance in 2017, it is not possible to enforce policies effectively enough to plug holes in global financial systems. Rapid advancements in technology make it even more challenging for existing AML solutions to fight against the rising incidence of money laundering. Aging and traditional solutions are no longer enough – not only are they ineffective in countering money laundering in present day, but will also be insufficient to tackle the problem in the future.
A new approach offers an elegant solution.
Blockchain for AML Transaction Monitoring
An AML solution built on the blockchain can leverage its features of decentralized, cryptographically secure and immutable logs to identify and stop suspicious transactions effectively. ‘Smart contracts’ can be inbuilt into a distributed blockchain-based solution, which can be used by financial institutions to securely parse data through an AML engine. The automation of this process not only improves overall efficiency but reduces the likelihood of missing/ignoring suspicious transactions.
Each financial institution that would be a member of such a system can serve as a node within the private permissioned blockchain network. These nodes will then have access to the network directory and can also use the smart contracts feature to record transactions on the blockchain.
Regulatory authorities, risk officers, auditors and other relevant stakeholders too can use such a blockchain-based AML solution to monitor complex transactions in an automated and effective manner. The immutable nature of the blockchain makes it impossible for criminals to tamper with the logs, so the audit trails of suspicious transactions too can be recorded and maintained in a secure manner.
Corporate Bond Trading Platform
Host your own Corporate Bond Trading Platform, powered by blockchain technology.
Built on the Hyperledger blockchain, the platforms allows you to create and host new Corporate bonds, denominated in USD, with fixed or floating rates.
Click here to take a look at our demo bond trading application.
We are designing the banking platform of the future, powered by the Blockchain technology!
Our digital banking platform harnesses the advances in digital payments and emerging networks and technology. It employs an ultra-secure digital asset exchange at its core and a digital bank ledger where all transactions are recorded on a private permissioned Blockchain.
The platform features a detailed, step-by-step processes for User registration, KYC, Documentation and account security. It can be adequately set up to ensure compliance with global standards as well as to cater to necessary regional requirements.