How does AML technology help in preventing terror financing?
There are newer aspects in AML Technology called dynamic customer profiling and dynamic customer risk ratings. These two collectively help to identify likely cases of money laundering and therefore stop an intended money flow for a dangerous purpose. Also deeper link analysis, peer group analysis, an online check on the SWIFT gateways etc are methods by which preventive actions take place in a financial institution towards possible money laundering attempts. In the earlier versions of AML, black list filtering through phonetic mismatches or in extended KYC modules keeping flags on incomplete information, were also helpful in catching possible terrorist activity. What are the measures that the Indian Banks are already taking to counter money laundering? There is a very concerted and strict enforcement across the country of the KYC norms in account opening and account operation. In foreign currency transaction even link analysis is being used well. It will take time for the country to im
