Beyond the tick box approach
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. When combined with an anti-money laundering (AML) and KYC regime, transaction monitoring becomes a highly effective mechanism for revealing risk that may be hiding in your business relationships.
Installed behind your firewall, Transaction Monitoring fits with 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.
Screen for heightened-risk individuals and entities globally with Thomson Reuters World-Check, to help you know your customer and uncover hidden risks.
Enhanced due diligence that gives you detailed integrity and advanced background checks on any entity or individual, no matter where they are located in the world.