Monitoring and Reporting
As a financial institution falls under the scope of AML/CFT regulation, it must take appropriate measures to monitor on an ongoing basis financial relationships and transactions involving a high risk of money laundering or terrorist financing in order to identify suspicious dealings.
Appropriate actions can be either manual or automated processes, or a combination of both, depending on your organization's means and corrective needs. They also depend on the size of your business and the risks you are exposed to.
How to efficiently monitor data ?
You do not necessarily have to create or purchase an electronic system. You can use and build on your available resources and business processes.Your company's policies and procedures must determine what type of monitoring needs to be performed in certain high-risk situations, including the detection of suspicious transactions.
The professional business vision linked with critical analytics on past performance should help to design enhanced workflow mechanisms. Historic qualitative data might be the key to identifying figures that will help get a sense of what is at stake and properly evaluate previous methods.
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We'll present you the technology to stop money laundering and terrorist financing
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In the past few years, many scandals related to money laundering have been recorded. For instance, the Panama Papers have shown how the rich and powerful use tax havens to hide their wealth. Big companies such as UBS and ABN AMRO are suspected of not complying with AML ...
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