Coinfirm’s AML Risk Model works with over 350 risk indicators. Whenever a Risk Report is generated, all of these indicators are taken into consideration. The overall risk level (C-Score) is calculated according to the severity of each indicator (flag) related to the address. Previously, the severities and weights of flags were the same for all clients and partners.
This has changed.
From now, clients and partners can now change the parameters of risks, and generate their own AML Reports, so that the model better suits a particular compliance policy. Our new customization model allows users to:
- Risk On/Off
- Risk flags can be switched on and off to decide if a risk is taken into risk calculation
- Country Risk
- Change a risk connected to specific countries
- Blacklist & Whitelists
- If you have clients/addresses you don’t accept – put them on the blacklist.
- If you have clients/addresses you are certain are safe – put them on whitelist
Such changes will impact all tools on the AML Platform, including AML Reports, Monitoring of addresses, or Visualizations of funds transfers.
Customized AML Models lets you tailor the AML Platform to your specific business requirements. You can configure as many models as you need and use them to analyze your clients and addresses depending on your specific business requirements such as operating in certain jurisdictions.
For example, when your clients are from a high-risk region, add these companies to your whitelist so it will not impact the overall risk scoring.
Bear in mind that risk scoring from such calculations is your own risk approach, not Coinfirm’s C-Score, which is our official risk indicator.