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.
How can Pideeco help you with Monitoring and Reporting?
Monitoring and reporting can at times be burdensome for financial institutions, especially if the staff is not well trained, the quality of the data is low, and the monitoring systems are not tweaked to give the best results. Pideeco’s decade-long experience in compliance and the financial sector can help your company to:- Evaluate your current monitoring processes and systems to create a gap analysis and a mitigating action plan.
- Set-up an efficient monitoring system tailored to your company’s size and needs.
- Draft or improve your monitoring policies and procedures.
- Tweak and improve your current monitoring systems to produce more efficient and precise results.
- Train your staff on how to operate the monitoring systems .
- Train your staff on reporting requirements.
- Execute the monitoring procedures and systems on your behalf.
- Execute reporting requirements on your behalf.
- Execute and report lookback exercises if required.
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