Financial institutions spend a significant amount of money on meeting their anti-money laundering (AML) compliances.The risk of not meeting the regulatory requirements is high but the high transaction volumes and increasingly complex regulations are holding the organizations back from streamlining their AML operations.Typical AML processes include client on/off-boarding, transactions screening and monitoring, investigations, etc. These activities protect businesses from being used for money laundering and other financial crimes.

What it does

This Screening wizard is built to screen and monitor transactions in the AML landscape, such as sanctions check on individuals, companies, or countries for risk assessment purposes. It is designed to compile and consolidate data from different sources, to generate alerts based on pre-defined business rules, compare directly to watch lists or to input the aggregated data into different applications.

How I built it

Dynamic configurations The dynamic configurations are stored in the ‘Parameter’ excel file allows the wizard to be scaled easily in the future. The three activities in this wizard have their own settings in separate worksheets. The screening wizard is designed to cater for different types of scenarios. For example, user can input the XPATH query in the ‘Parameter’ file instead of hard-coding the queries in KRYON studio.

Common Wizards The Screening Wizard is built with modularity and reusability in mind. In this wizard, you will find two types of common wizards. Search sanctions list, extract PDF and XML data activities are built as stand-alone embedded wizards (activities) in the Screening wizard. Within the main and embedded wizards, you will also find ‘COMMON’ wizards which are functions that can easily be duplicated for other uses.

Challenges I ran into

To make robot process all files found in input folder. Using JavaScript to scrap data from web pages.

Accomplishments that I'm proud of

Creating common wizards that can easily be re-used within the main wizard

What I learned

XML files are easier to extract data, compared to PDF

What's next for Transaction Screening Wizard

Users can easily add in more activities (extract data from different type of files, web pages) by adding them as embedded wizards!

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