Realtime AML Filter for Turbo Swift (RAFTS)
RAFTS or 'Realtime AML Filter for Turbo Swift' is an add on plug and play solution to TurboSWIFT interface which assists to combat money laundering and terrorist financing in real time. Money laundering with an estimated value of over US$ 3 trillion per year is the world's third largest business. It adversely affects financial institutions and economies, creating changes in demand for money, exchange and interest rate volatility, and heightened risks to asset quality and the asset price bubble. Money laundering and terrorist financing are global crimes that need to be tackled at every level.
RAFTS has a High Match Rate i.e. low false-positive rates and it is often less than one percent. The key feature of RAFTS is its real-time filtering of all outgoing and incoming SWIFT messages. Its matching behavior can be overridden by user-defined good & bad values. Additional lists like RBI's list etc. can also be imported.
The optional 'Compliance Report Feature' of RAFTS is produced in real time by an AIB node in the TurboSWIFT workflow. It contains details of all inbound/outbound SWIFT messages originating in TurboSWIFT and it puts emphasis on fields that could potentially contain OFAC sensitive data. The report can also be imported into non SWIFT-aware AML applications. The flat file output of the report is useable by AML and Compliance staff, and can be analyzed directly in standard desktop tools such as Excel, Access.
RAFTS combats money laundering & terrorist financing works in conjunction with the Bridger Systems Watch List products.
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"TurboSWIFT has helped us to maintain smooth functioning of our Forex transactions". Mr. Dhires Chakraborti A. G. M. United Bank of India ...more>> |
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"We have been supported with a very good turn around time for the service request made to Globsyn Infotech. Hope the same will continue in the future. Thanks" Anurag Shrivasatava AVP FMIT, YES BANK ...more>> |
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