The threat of money laundering in the Philippines is considered at a high level, according to the findings of the Second National Risk Assessment Report approved by the Anti-Money Laundering Council in 2017.
It is supported by the 2021 Suspicious Transaction Report Quality Review based on the 2.4 million suspicious transaction reports received by the Anti-Money Laundering Council from 2017 to 2020.
While preventive measures have been implemented to reduce the risk of money laundering, the country remains on the gray list of the Financial Action Task Force—an international watchdog on money laundering and terror financing as of June 2022.
Banks and money service businesses were identified as the sectors primarily and widely used by criminals to launder the proceeds of crimes, former Bangko Sentral ng Pilipinas Benjain Diokno said in a message during the 2021 Annual Anti-Money Laundering/Counter-Terrorism Financing Summit.
Rural banks are no exception because they may be used as channels and victims of illegal transactions.
Empowering both rural banks and regulatory bodies, 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.
SIEVE AML Transaction Monitoring System is built by MDI Novare. Backed by more than 30 years of experience and expertise in the information technology industry, the company is a leading digital transformation enabler for telecommunication companies, financial institutions, manufacturing and BPO firms, and government agencies through next-generation technologies, automation processes, and other end-to-end solutions.
For its initiatives, MDI Novare bagged multiple awards from local and multinational technology companies. VMWare awarded MDI Novare the 2022 Cloud Partner of the Year for Southeast Asia and Korea, Top Data Center Networking Partner 2020 and the Highest Growth Partner 2020 from Dell Technologies; Advance Partner of the Year 2020 from Red Hat; Partner of the Year 2020 from FireEye; and Emerging Technology Partner of the Year 2020 from Exclusive Networks.
Other recognitions MDI Novare received are Unionbank’s Integrity Partner of the Year FY 2017, Canalys’s Cloud Partner of the Year FY 2019 and Globe’s Agile Partner of the Year from 2018 to 2021.
“We are grateful to our partners for recognizing our work and expertise in utilizing the transformative power of technology to improve their systems and make lives easier. These recognitions make us double down on our goal to accelerate digital transformation here in the country to create better opportunities and experiences for consumers,” said Jericho Jensen, MDI Novare chief data analytics officer and chief information officer.