Beyond the tick box approach
Transaction monitoring forms part of an organization’s governance, risk and compliance program and when combined with an anti-money laundering (AML) and Know Your Customer (KYC) regime; transaction monitoring becomes a highly effective mechanism for revealing risk that may be hiding in your business relationships.
Financial crime is increasingly pervasive, so there is a growing need for organizations to implement compliance programs that go beyond the essential requirements. Recent compliance failures have caused significant debate among EU and US regulators. As a result, transaction monitoring is no longer optional for the compliance officer when dealing with detection of suspicious activity. It is a necessity.
Installed behind your firewall, our transaction monitoring system fits with all internal systems, offering security and convenience, with intuitive predictive modeling and detection rule-based scenarios that are pragmatic and sophisticated.
Neil Jeans, head of policy and standards, client on-boarding and KYC solutions at Thomson Reuters, discusses the potential impact of the impending EU 4th Money Laundering Directive, particularly in light of a significantly reduced time frame for implementation.
Financial institutions should be working to better know their customers and use that information to avoid processing prohibited transactions in response to changing expectations of the U.S. Treasury Department’s sanctions enforcement agency, according to a senior enforcement official.
World-Check trusted and accurate source of risk intelligence made available to help you meet your regulatory obligations, make informed decisions, and help prevent your business from inadvertently being used to launder the proceeds of crime or association with corrupt business practices.
Enhanced due diligence processes form part of a best-practice, risk-based approach as well as providing a critical framework during the anti-money laundering and know your customer on-boarding life cycle.