Transaction Monitoring

3 Key Takeaways – Transaction Monitoring Breakfast Forum

October 19, 2018 2 minute read

At our Breakfast Briefing on the 27th of September, we explored how to transform transaction monitoring obligations into a competitive advantage; helping attendees remove their compliance headache and propel their business forward.

The briefing brought together our UK community of thought leaders and innovators for a morning of discussion, idea sharing and networking whilst enjoying a delicious selection of breakfast treats.

Speakers from Earthport, fscom and ComplyAdvantage, shared a wealth of experience and perspectives on the topic.

Below we share 3 key takeaways from them

Know Your Business And Client

Speaker: Philip Creed, Director, fscom

Every business is different, and suspicious activity for one can be normal business for another. This is why it’s so important to ensure your transaction monitoring tool is configured to suit your business and tailored for your clients profile. To do this, the system should be able to provide comprehensive MI on anomalous transactions and dynamic enough to change rules when your requirements change. To make these changes you should ensure you either have the expertise in-house or the tool is set up in a way that a non IT technical person is able to do so.

Don’t be afraid to go back to drawing board


Lindsey Taylor, Head Of Transaction Monitoring at Earthport

Rosie Faulkner, VP, Group Head of Compliance & MLRO

When implementing a system it is important to start basic, rather than over-complicate things in the early stages. Start with a simple set of rules and look at how the system reacts to the business. As you scale ‘proportionate’ monitoring is key, i.e. monitoring in accordance with the risk presented by the business. Monitoring can become a ‘tick-box’ exercise rather than one made bespoke by considering the business and the clients. This should be avoided, but to do so you need a tool that is flexible enough to give you that configuration.

The key takeaway was not to be afraid to go back to the drawing board; if something isn’t working, rather than tweaking and adding complexities, consider whether going back to the basic considerations is what’s required.

Foster an honest and transparent relationship with your banking partners

Speaker: Livia Benisty, Head Of Financial Crime, ComplyAdvantage

Consider your key points of contact with your banking partners throughout your relationship with them, how you can maximise on each one:

  • Annual reviews
  • When they have a query
  • When you go to them

Show yourself to be proactive; go to them with your new expansion plan or business projects, show them the work you’ve done to mitigate the risk and ask for their thoughts. Don’t let them find out about it afterwards. If you manage to foster a relationship of openness and partnership they will have greater comfort in supporting you when you expand your business.