31st July 2018

Transaction Monitoring: 10 Factors To Consider Before You Build

AML Transaction Monitoring: 10 Factors To Consider Before You Build

1. Case Management and Audit Trail

2. False Positives

3. Expertise and Guidance

4. Risk

The EU’s 4th Money Laundering Directive states that firms need to have consistent knowledge of their customers, the business and risk profile, including sources of funds. Likewise in the US with obligations from regulations such as the NYDFS Part 504. When weighing up these global requirements, your business may decide they’re not confident they have the ability to build a solution meeting them and that the personal and business risks associated with getting it wrong are too high.

At ComplyAdvantage, our solution can help you easily configure different types of scenarios, that automatically monitor different segments of clients against relevant scenarios. This is how we have helped our client Earthport to apply a proper Risk-based Approach (RBA)  and to monitor risks more effectively, empowering their business to meet differing compliance regime requirements and risk profiles of their stakeholders.

4. Risk

a. Opportunity Cost

b. Hidden Costs

6. Rule Complexity

7. New Rule Configuration

8. Time to Market

9. Management Information

10. Scalability and Future Proofing

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Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

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