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A transaction monitoring (TM) solution focusing on Anti-money laundering (AML), Fraud or Responsible Gambling, provides financial institutions with the tools to monitor customer transactions and identify risky or suspicious transactions effectively in real-time.
The role of a transaction monitoring solution is to:
- Provide a clear and precise process to tackle AML, Fraud and responsible gambling risks
- Reduce false positives through a risk-based approach
- Identify and alert on behavioural changes in a customer’s transaction profile
- through his or her transactions when compared to a statistical profile built up from historical data.
- Automatically identify and create alerts relating to customer anomalies or outliers.
- Compute running values and statistics to define complex scenarios that need to consider past activity.
How Transaction Monitoring Software Works
When monitoring transactions for AML, Fraud and/or Responsible Gambling, the software needs to consider many different elements of a transaction:
- Deposits and withdrawals
- International wire transfers
- Currency exchanges
- Credit extensions
- Any kind of payments in or out of a single or multiple accounts
ComplyRadar
ComplyRadar is a ‘connected’ solution which utilises a full risk-based approach to remove the risk of disrupting genuine customers, alerting to possible risks or illicit behaviour.
ComplyRadar encompasses a sophisticated, yet balanced level of automation and intelligence with human interpretation, providing organisations with a level of control and visibility which all contribute towards reducing false positives.
The solution provides the structure and tools and drill-down facilities to investigate the customer or individual, through a feature-rich case management module, gathering information and storing all the data within a central platform. Reporting on transactions or filling SARs / STRs with the FIU has never been easier based on all the modules being connected and the data being available all within the same platform.
Reach out to us for additional information on ComplyRadar and how we can assist with your transaction monitoring requirements.
