Automated Money laundering Protection: MoData Partners with Azentio to Provide the Advanced AMLOCK Solution to Clients

By Christelle

MoData, a leading specialist in digital and financial solutions and recognised for its innovative, intuitive, and intelligent financial technology solutions, has announced a strategic partnership with Azentio to offer the cutting-edge automated money laundering protection solution, AMLOCK, to its clients across Africa and the Middle East.

This partnership underscores MoData’s ongoing commitment to empower banks and financial institutions with robust technologies, solutions, and support to streamline operations, protect themselves and their clients against money laundering and fraudsters, and ensure compliance with regulatory standards.

Comprehensive Safeguards

The AMLOCK solution, developed by Azentio, is an advanced financial crime detection and management system designed to safeguard financial institutions with fail-safe technology. It is meticulously aligned with Know Your Customer (KYC) norms, Transaction Monitoring, Fraud and Compliance Case Management, and Regulatory Reporting, offering an impressive arsenal of features to detect and manage money laundering activities effectively.

Azentio’s AMLOCK modular solution provides a comprehensive suite of tools for reporting organisations to comply with stringent regulatory requirements, aiding banks and financial institutions of varying sizes in detecting suspicious transactions. This includes a range of investigation and analysis tools that empower compliance officers to execute their duties seamlessly and efficiently. The solution also has a flexible case management workflow system allowing strong investigation, and drill-down features that help the AML teams to investigate suspicious transactions and generate strong STR/CTRs with ease.

“We are delighted to add AMLOCK to MoData Digital Services’ AML product offerings. Money laundering and fraud activity have increased significantly along with the growth in digital banking and financial transactions, and it is imperative that every measure is put in place to safeguard against this,” says global fraud expert Clive Gungudoo, MoData’s Director of Financial Crimes and Risk Management. “AMLOCK’s strength lies in its versatility and adaptability. It is a trusted solution that has already been deployed in more than 90 banking and non-banking institutions worldwide across more than 20 different source systems, and we look forward to growing that reach across Africa and the Middle East.”

MoData Digital Services is MoData’s software-as-a-service marketplace for all financial crime risk management operations, helping financial organisations and businesses across Africa and the Middle East implement AML solutions that are innovative, intelligent, intuitive, and safe.

Award-Winning Detection

Azentio’s achievement at the Global BankTech Awards 2023 – where AMLOCK took the top spot in its category – solidifies its position in the industry. The Global BankTech Awards are the world’s premier assessment program dedicated to recognizing companies that have introduced out-of-the-box solutions for financial institutions to address key business challenges by deploying best-in-class software systems across the financial services landscape.

The recognition of its Financial Crime Management solution underlines the company’s commitment to delivering innovative and effective tools that bolster financial institutions’ AML capabilities.

“With the imperative for ongoing business innovation, the continuous refreshment of digital assets is essential. This dynamism is deeply ingrained in our tech products,” said Guru L, Senior Vice President Banking and Capital Markets at Azentio Software. “Azentio’s Financial Crime Management solution utilizes a microservices architecture, ensuring rapid deployment, improved workflows, and scalability. Our products are built on a resilient, advanced tech stack, placing business sustainability at their core. These awards underscore the unique value we bring to our clients, and we are deeply honoured to receive this recognition.”

Ensuring Operational Efficiency

Gungudoo emphasized the significance of AMLOCK’s ability to apply a risk-based approach to minimize false positives across Sanctions Screening and Transaction Monitoring throughout the customer lifecycle – a critical feature that greatly benefits its clients, “AMLOCK’s advanced algorithms significantly reduce false positives, enabling our clients to focus more efficiently on genuine threats. This streamlined approach enhances operational efficiency and ensures our clients can allocate resources more effectively to address real AML concerns.”

The integration of the AMLOCK solution into MoData’s portfolio signifies an important step toward offering comprehensive automated money laundering protection solutions to financial institutions. “With our combined expertise and commitment to the fight against financial crimes, clients can enjoy strengthened defences against financial crimes and enhanced regulatory compliance measures,” says Gungudoo.

To find out how MoData Digital Services can help your organisation protect itself against fraud and money laundering, email us on info@modata.com or WhatsApp us on +27 82 321 0331 or call our landline on +27 21 799 5701.