In the ever-evolving landscape of AML and fraud prevention, staying ahead requires not just vigilance, but also a keen eye on optimizing processes and harnessing technology.
August witnessed a flurry of activity at Unit21, with a staggering 28 product updates aimed at transforming the way AML teams manage their quality control, alert queues and network analysis.
📣 Key Feature Announcements
Revolutionizing Quality Control for Optimal Results
Customer Problem:
Quality control (QC) has long been a cornerstone of AML efforts, ensuring that work submitted by agents meets stringent quality standards. However, AML teams have encountered persistent challenges in this domain.
Traditional QC procedures have proven time-consuming and expensive, often needing actionable insights. But the bigger issue lies in the uncertainty surrounding random sampling - a vital aspect of QA. The inability to ensure genuine randomness in sample selection has been undermining the accuracy and reliability of QC results.
The Solution:
Unit21 addresses these challenges head-on.
‘In Review’ status: allows alerts or cases to be marked ‘in review’ to prevent edits to the case while QC is being conducted. This setup keeps the checklist editable for QC agents to document their findings effectively.
Watchers: QC agents can filter alerts to ensure a seamless and organized review process.
In-line commenting: QC agents can directly provide feedback on sections needing changes.
Queue Segregation for Enhanced Workflow Management
Customer Problem:
The challenge of managing diverse types of alerts has been a persistent issue for AML managers. Traditional systems often lump all alerts into a default queue, which can lead to compliance challenges.
The Solution:
The ‘Alert Queues by Type’ feature allows managers to segregate alerts into queues based on their types at the time of generation. Whether it’s KYC alerts, CAR alerts or others, the automatic segregation enhances workflow management. The new feature results in workflows being neatly segmented and access restrictions are effectively maintained.
Elevating Network Analysis with Advanced Filtering
Network Analysis unravels intricate connections and uncovers hidden patterns. Unit21 recognizes the need for constant innovation as Network Analysis is key to improving the effectiveness of an AML program.
Our redesign empowers investigators to dive deeper and extract meaningful insights from the data. Our intuitive interface facilitates filtering by different types of links in the data. Customers can filter by entity type, subtype and status to amplify the precision of their investigations. The revamped Network Analysis graph now includes tables that showcase various matching entities.
This addition accelerates the investigation process, aiding in the identification of fraudulent entities sharing common information.
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