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.
Most Financial Institutions agree that we live in an ever more complex regula...
No matter the area, accidents are sometimes inevitable. A well crafted incident rep...
In its most general definition, the Risk-Based Approach (RBA) is a methodolog...
What is the Ultimate Beneficiaries Owner - UBO Register ?The implementation of the us...
The integrity of your organisation is essential. The top management has to explain ho...
What are Compliance Risk Assessments ?A Compliance Risk Assessment (hereafter "CR...
Good corporate governance is essential to support business growth. Good governance pr...
Compliance, with the applicable legal framework, depends on the Action Plan t...
For any professional, setting the emphasis on a continuous learning principle...
Have you ever heard the terms Adverse Media Screening or Negative News scraping and w...
Business monitoring and reporting is a continuous exercise that can save time...
Policies and Procedures are the backbones of a company. We would define Pol...
What is benchmark regulation?Following the Libor (London Inter-bank Offered Rate) sca...
We'll present you the technology to stop money laundering and terrorist financing
Central Compliance is the organization of all the compliance monitoring and controlling the professional activities of a given business or company thr...
Return to central compliance
How to conduct KYC on Russian Counterparties ?Doing business with Russian entities in non-sanctioned sectors of the economy requires some specific attention points regarding client due diligence (the risk exposure assessment process of clients to money laundering and te...
Read more Author What else ?