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 […]
11th NextGen Payments & RegTech Forum
A highly productive week in Greece for our team…
What is Adverse Media and why do we need it ?
What is Adverse Media and why do we need it? Globally there is a spotlight on regulated industries and the general trend right now is for countries to encourage or force adverse media screening checks in order to assist with combating any poor AML protocols. Onboarding a client with a poor reputation and a risky […]
The Growing Pressures for Compliance – A Special focus on the role of the MLRO
In recent times, we have seen a major increase in electronic transactions in part due to Covid19 and the reduction in cash transactions, but also with the increase in Electronic Money Institutes (EMI’s) starting up which are disrupting the market. This increase in volume of traffic has made it more difficult to monitor and detect suspicious transactions, persons, and businesses for compliance […]
AML Connecting the Dots Webinar – Minimising Fraud Risks in Regulated Companies
Money laundering and prevention of risky financial activities has proven to be a challenge to tackle for regulated companies. With technological advancements, come more intuitive ways for criminals to find their way around manipulating systems, and pursue fraudulent activities through said regulated companies, which can potentially cost these companies millions in legal fees. On April […]
What Is AI/ML Anomaly Detection
Anomaly detection is an advanced technique that uses an organisations’ data and machine learning to detect behaviour that doesn’t fit within the expected normal behaviour profile. This module works an additional filter for suspicious transactions over and above the ComplyRadar rules engine. There are different types of anomalies that can be detected, including: Point anomalies; […]
Using AI and machine learning to fight money laundering
Data scientists have done a great deal for us in the way of making our financial lives easier and, without a doubt, more secure than ever before. These advancements aren’t always used for good, however. While technology has brought the financial world forward in leaps and bounds, it’s worth remembering that this same technology is […]
