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 manual or automated processes or a combination of both, depending on your organization 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' policies and procedures must determine what type of monitoring is 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 identify figures that will help get a sense of what is at stake and properly evaluate previous methods yield.
The technical or operational aspect is also essential. Should you lean on colleagues experienced with standard desktop utility software? It depends on the scale of your structure. For more prominent firms, the necessity of combining operations with security often leads accountable managers to delegate the development of a monitoring system to an experienced technical team.
From an extra pair of hands to the person that advises on strategical decisions and the future of your company. Working as a consultant at another company starts with an understanding of the business model and the company culture. This requires not to be reluctant or a...Read more Author What else ?