In this era where, unfortunately, corruption is prevalent and rampant, money laundering is a big concern. According to the statistics seen by Emirates Leaks, between 2019 and 2021, the conviction rate in 243 money laundering cases in the UAE was nearly 94%!

With that as the context, you know that every financial institution must meet certain regulations and requirements, out of which one important one is anti-money laundering. This objective requires thorough reading and observation of hundreds or thousands of transactions and documents.

Doing that manually is obviously not possible and is error-prone, and this is where automating AML comes to the rescue.

If you are in the UAE and want to know how to automate AML compliance in UAE and RPA use cases in anti-money laundering, look no more, as you are exactly at the right place.

Also Read: RPA solution providers in Dubai – How to evaluate RPA vendors?v


What is AML compliance?

AML compliance, also known as Anti-money laundering compliance, is basically the process of ongoing monitoring and background screening of customers belonging to any field to ensure that there are no efforts made for money laundering or even identifying and eliminating such efforts.

This compliance is expected out of any financial institution that deals with depositing, transferring, and managing money.

How Vraimatic Automate AML Compliance in UAE?

Here is all you need to know about how to automate AML Compliance in UAE and how you can easily automate all this process using Robotic Process Automation (RPA):

How to Automate AML compliance in UAE


1.     Perform a KYC Report

KYC stands for knowing your customer and performing such a report has become extremely necessary for most businesses. This is basically you make efforts to verify the identity and risks involved with developing a partnership with your customer.

While carrying this out manually can turn out to be very difficult, this is where Robotic Process Automation can help you out.

RPA in AML KYC can be used to perform the validation of the information provided by the customer, extract data from the documents, collect more information from social media, fill in forms, and merge data from different places, all of which can take a lot of efforts if done manually.

Some of the major RPA use cases in KYC include setting up the customer’s data and entering it into CRM, performing validation of customer’s information, gathering customer’s information throughout the time they are your customers, compiling customer’s information across different systems, screen customers against the government and integral and external watch lists, and tend to customer’s requests faster.


2.     Handle risks of money laundering

One major core of your AML process is assessing and handling all the risks of money laundering, and this requires having all the processes in place. This is the initial work that requires well-defined protocols and routines for risk handling and therefore helps you set your company’s AML protection standards.

This is also where Robotic Process Automation comes to the rescue. One of the major RPA uses cases in anti-money laundering is empowering AML compliance managers to capture case management systems, which helps them control and interpret triggering responses and automate processes. Studies have shown that RPA helps reduce manual efforts by around 80% while ensuring proper documentation and consistency.


3.     Easy move to intelligent machine learning solutions

One RPA use case in anti-money laundering is used to automate some simple AML routines. Financial institutes like yours are advised to move towards machine learning and cognitive automation solutions. Machine learning is a better, more advanced, and more intelligent automation approach used to deliver ever-increasing value.

While RPA in AML KYC is also used for automation purposes, it is more suitable for carrying out repetitive tasks like gathering the necessary information that is needed for all the anti-money laundering investigations. These tasks may include retrieving customers’ data from internal systems, scrapping various websites, and then uploading the gathered information to a case management system.

On the other hand, machine learning involves models trained to identify various risks related to anti-money laundering. The machine learning models are capable of learning from various feedbacks using a set of existing data for identifying warning signs and then; as a result, indicating a money laundering risk.

Therefore, the core reason why RPA helps you is that it makes your journey to machine learning implementation a smoother one.


4.     Adding Cognitive Automation

Adding cognitive automation is yet another way to automate AML compliance in UAE. The cognitive systems come with intelligent document-reading tools which are capable of reading documents just as a human would while discerning the context behind each document.

This is where automation models help you by extracting the important data from the documents and feeding them to an engine specifically designed to deliver alerts when any kind of suspicious activity is identified.


5.     Thorough Automated Monitoring

Naturally, a good way in which you can automate AML compliance in UAE is by automating the monitoring process. Monitoring involves the monitoring of customer data and transactions both when it comes to AML.

Customer Data

Customer data monitoring is quite crucial for AML because it ensures that your company is always provided with correct information. For this purpose, multiple services are now available to automate the monitoring process for providing excellent and consistent results.

However, when you go for any service for automating the monitoring process, make sure that those services are secure ones that don’t require you to share any kind of customer information with a third party.

Monitoring Transactions

Following the money is the way to go! When you monitor transactions, you are basically identifying risks in your customers’ businesses. Additionally, the automated monitoring is capable enough to alert or notify you when any kind of suspicious activity takes place in your bank or financial institution.


Conclusion – How to Automate AML compliance in UAE

To avoid any kind of money laundering case, financial institutes are now spending huge amounts of means to get desired results. The increasing AML compliance requirements are putting much pressure on the employees resulting in affecting their performance negatively.

Therefore, automating AML processes is the way to go to reduce the requirement of manual employee assessment and ensure regulatory compliance. If you have finally decided to move to automate AML compliance and want to know more about how to automate AML compliance in UAE, get in touch with us at Vraimatic to help you get started or move forward in your anti-money laundering fight using technology.