Points to be taken care in Finacle to avoid AML/CFT Alerts

• Any wrong Deposit/Withdrawal entry made in Finacle should be reversed with the reversal code REVRS with value date as the date of wrong transaction. If same is not taken care Finacle will consider Deposit/ Withdrawal as fresh transaction and if transaction is High value transaction, same will appear in AML/CFT alert.

• If any amount is wrongly credited or debited from customer’s account then full amount should be reversed instead of partial amount. (i.e. If 10,00,000 is credited instead of 1,00,000 than full amount of 10,00,000 should be reversed using REVRS code and then fresh deposit of 1,00,000 should be made. Reversal of 9,00,000 should not be made) If partial reversal if done then it will not consider it as reversal and High Value Deposit/ Withdrawal will reflect in AML/CFT alerts.

• If any customer wants to credit closure amount of any closed account to his saving account, same should be entered at the time of closure in Repayment account. Many offices are in practice of closing account with Repayment account as SOL ID+ 0340 and after closure they will credit the amount of closure to customer’s saving account using CTM menu as cash deposit. Such deposits will appear in AML/CFT alerts as excess cash deposit but actually it is transfer entry of account closure.

• For all Inward and Outward cheques, proper cheque clearing process as per CBS FAQ should be followed, in no case direct Deposit or Withdrawal should be made from customer’s saving account against cheque clearing. Such transactions will be reflected in AML/CFT alerts.

• Any customer wish to withdraw amount of more than 50,000 from his Saving Account, PAN card of customer should be obtained and linked to CIF and Account. If high value withdrawal is made from customer’s account without PAN Card same will be appear in AML/CFT alerts.

• Multiple Cash Deposit/Withdrawal transactions in any account in single day will come to AML/CFT alerts.

• CIF of customers should be updated with proper KYC documents and with customer details. CIF IDs with improper details will come to AML/CFT alerts.

• Any retirement benefits or Salary should not be deposited to customer’s account in cash. It should be credited through TTUM file only. If such deposits are made in cash, same will appear in AML/CFT alerts.