A Guide to Anti-Money Laundering for Crypto Firms
We’re introducing a host of new features in the coming months designed to optimize your monitoring workflow and significantly reduce your alert rate. Today, we are releasing the following:
- Set Alert Frequency per AML type: Reduce your monitor notification rate by up to 50% by consolidating your hits and processing them in one swift action
- Edit the Search Profile of a Case: Remove unnecessary distractions and only get alerted to the changes that matter to your business.
Set Alert Frequency per AML type
Want to receive Sanctions hits daily but Adverse Media only on the first Monday of the month? Significantly reduce the number of alerts you have to clear by receiving all hits simultaneously. By setting your system to receive certain alerts monthly or quarterly, for example, you can reduce your notification rate by as much as 50%.
This update is beneficial when screening entities with common names, as there can be a large volume of alerts to review, especially with Adverse Media. Not to mention the countless disruptions caused by processing non-critical alerts as they come through. Now you can process everything in one swift action. By configuring alert frequency per AML type, you can better allocate your team’s resources and bring order and clarity to the day.
If you would like to trial this update with a small number of cases to gauge the effectiveness of the improvement, contact the customer support team.
Edit the Search Profile of a Case
Search Profiles enable you to tailor your screening program to your risk-based approach. By reducing the scope of a monitored case, you screen against fewer sources and optimize your alert rate. Now, by editing a case’s Search Profile, you can migrate existing searches created without a search profile – or against a different one – and ease the noise and pain of monitoring.
To access this update, you will need to call the API with the search reference of the case you wish to edit and the ID of the Search Profile you want to assign to the case. You can find more information here.
Once updated, it will monitor against the newly selected Search Profile. Please note that only monitored cases can have their Search Profiles edited.
What’s coming next?
Ability to monitor against different sources
- Reducing your alert rate reduces the cost of compliance. Focus only on the highest risk sources by refining the scope of your monitored cases.
- Onboard faster and more efficiently by screening only against the highest risk sources and then expanding to a wider list when monitoring.
If you have any queries about these updates or would like additional support implementing changes, contact the Customer Support team.
Originally published July 19, 2022, updated July 19, 2022
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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