The International Monetary Fund estimates the aggregate size of laundered money to be anywhere between 2-5 percent of the world’s GDP. Money laundering takes many forms, but, typically, it occurs in three stages: Placement, Layering and Integration.

The day-to-day operations of a typical financial institution encompass various activities such as opening accounts, accepting deposits and extending loans, transferring funds, selling financial products like mutual funds and insurance policies, amongst others. Spotting transactions that are used by money launderers can prove to be a daunting task. Seemingly unrelated transactions need to be compared and scrutinized as the overall pattern of disguise may be spread across different entities and products, which may individually appear to be quite normal. Thanks to the emergence of new technologies, it is now possible to identify and analyze suspicious transactions across all three phases of money laundering quite effortlessly.

i-flex Consulting’s AML practice follows a unified approach of evaluating AML solution requirements, helping financial institutions in every step of their compliance journey. Our team comprises experienced bankers and certified AML professionals who come with a unique blend of business and technology expertise in the financial services industry, and are able to provide optimal solutions tailor-made to meet the highly demanding requirements of any AML solution.