According to the findings of the Second National Risk Assessment Report approved by the Anti-Money Laundering Council in 2017, the threat of national money laundering in the Philippines is considered to be at a high level. This is further supported by the 2021 Suspicious Transaction Report (STR) Quality Review based on the 2.4 million STRs received by the Anti-Money Laundering Council (AMLC) from 2017 to 2020.
In financial regulation, STRs are reports filed by financial institutions and other professionals that alert law enforcement to suspicious transactions possibly connected to money laundering or terrorism financing.
During the first eight months of 2021 alone, these STRs have led to the filing by the AMLC of 85 civil and criminal cases involving over ₱1.31 billion and other assets, according to Benjamin Diokno, incumbent Secretary of Finance and former Bangko Sentral ng Pilipinas Governor and AMLC Chairman.
Empowering both rural banks and regulatory bodies to achieve these tasks, MDI Novare is introducing SIEVE AML Transaction Monitoring System. A comprehensive anti-money laundering solution, SIEVE AML system leverages data integration, analytics, alert/case management, and AMLC regulatory reporting.
The new solution is built on a sophisticated, high-performance platform that supports the end-to-end process of combating financial crime and working with large volumes of data while automating the tasks as much as possible.
The key features of SIEVE AML system include automated transaction monitoring, intelligent network analysis, 360-degree understanding of customers and their transactions, and a simple, highly configurable business user/investigator-centric interface.
