What mechanisms and checks Are typically done for Transaction Monitoring?
Transaction monitoring typically involves a combination of different mechanisms and checks to detect suspicious activity. Some of the most common mechanisms and checks include: These mechanisms and checks are typically used in combination to provide a comprehensive approach to transaction monitoring and help detect suspicious activity as early as possible.
Why is transaction monitoring key over and above onboarding checks?
Transaction monitoring is key over and above onboarding checks because it helps financial institutions detect and respond to suspicious activity in real-time. Onboarding checks, such as customer identification and due diligence, are important for identifying and mitigating money laundering risks when a new customer is first onboarded. However, these checks only provide a snapshot of […]
ComplyRadar sponsors the Governance, Risk and Compliance Summit
ComplyRadar is sponsoring the Governance, Risk and Compliance Summit 2023 organised by the Malta Stock Exchange. The summit will take place at the Westin Dragonara Conference Centre on 2nd February 2023 and shall address the significant developments in the regulatory frameworks as well as the challenges faced by all practitioners in the financial sector. Financial […]
Large economies were spared by the Financial Action Task Force from pressure over AML gaps
A move to save big economies from being included in the gray list
11th NextGen Payments & RegTech Forum
A highly productive week in Greece for our team…
AML/CFT – The potential costs of non-compliance
The need for AML compliance / transaction monitoring solutions, at face value, can be considered a necessary requirement, or expense, induced by regulators. However, one can also analyze the introduction of these solutions from the perspective of possible cost savings. The first, and possibly obvious, cost saving is the avoidance of fines. This aspect is […]
Effective AML Case Management
Although the identification of suspicious activity is core to an AML solution, an equally important component is the effectiveness of how to manage the investigative processes that follow such alerts. Inconsistent investigative processes, both in terms of approach or in terms of quality, can open up a loophole in the process that can make the […]
Risk Based Approach
Once the customers demand for services increases and business growth ensues, transaction volumes and variety become so large that a one-size-fits-all transaction monitoring approach no longer becomes feasible or effective. Traditional transaction monitoring rules tend to be set as thresholds impacting most of the customer-base with the least-risk cut-off point. This results in rules that […]
Powering Anti-Money Laundering efforts with Artificial Intelligence
The question that follows, is how can artificial intelligence assist organisations with combatting Money Laundering? Although in essence the ultimate question which needs to be answered is a binary one – is a particular activity hiding illicit money laundering activity or not – reaching a simple and correct conclusion is in many cases not an […]
FinXP implements ComplyRadar for automated transaction monitoring
FinXP, a European payments and banking service provider, has implemented the intelligent compliance technology solution ComplyRadar to enhance and automate transaction monitoring and help with case management. After experiencing rapid growth in its transaction volume, FinXP initiated a competitive selection process which involved examining several Anti-Money Laundering (AML) solutions. In the end, ComplyRadar was chosen for […]