Transaction Monitoring
Key Challenges
- Implementation of technology that would detect the acts of money launders, fraudsters, criminals and terrorist financiers who by very nature are a step ahead of laws, regulations and institutional policies.
- Detection of these moving targets of suspicious acts against the back-drop of constantly changing economic environment, laws and regulations.
- Being able to detect such transactions in a complex environment wherein customers interact with different Lines of Businesses of your institution.
- Being able to ensure that risk based approach is seamlessly followed by your institution as per the regulatory requirements of all the jurisdictions that your institution needs to comply with.
Please fill-in your name along with email & press the button on the right and we would explain why these & many other challenges need to be addressed.
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KYCsphere Solution
It would be a gross mistake to build a set of automated static rules and periodically fire queries based on your transactional applications, to detect suspicious transactions. In a constantly changing economic environment, laws and regulations, such static rules soon get outdated while newer scenarios of money laundering, fraud, crime and terrorist financing keep emerging. Therefore what is instead needed is a good blend of well defined threshold based static rules (for instance recommended by regulators for cash transactions), along with ways of monitoring customers’ behavior dynamically from their expected, historical and peer group behaviors.
Next generation, KYCsphere's Transaction Monitoring tool follows the aforesaid blended approach. Its engine is architected to detect significant unusual behavior to generate alerts that are further superimposed with risk ratings. Risk rating in conjunction with Risk Management module allows for prioritization of these alerts in Alert Management module, so that your compliance team effort remains focused on the highest of customer risks. This feature-rich tool can give your institution market agility and regulatory flexibility without any capital expenditure and with the least of IT intervention.
Please fill-in your name along with email & press the button on the right and we would showcase to you how this could be achieved.
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Key Benefits
- Monitoring unusual customer behavior that is not compliant with expected, historical, peer group and regulatory recommendations.
- Generating prioritized risk rated alerts, so that your compliance team remains focused on those categorized as "high risk".
- Behavior based detection engine managed by us ensures that it is constantly updated by newer scenarios and typologies as published by FATF and its sister organizations along with changes as sought be regulators.
- Maintaining history & audit trail of detection engine updates and user actions to be able to withstand regulatory scrutiny.
Please fill-in your name along with email & press the button on the right and we would help you to arrive at substantial cost savings by using Microsoft® Azure Cloud based KYCsphere.
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