Streamlining Ongoing Monitoring Through Automation

Ongoing monitoring is a key aspect of the Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulatory framework that ensures consistency of customer information, types of activity, and risk profiles of the customers throughout the business relationship.

To improve the capabilities to detect, prevent, and deter financial crimes, including Money Laundering (ML), Financing of Terrorism (FT), and Proliferation Financing (PF), businesses should opt to automate ongoing monitoring of business relationships. Automation helps increase efficiency and effectiveness by facilitating fast and accurate monitoring, which streamlines ongoing monitoring for businesses and results in better compliance with AML requirements.

Businesses can automate ongoing monitoring requirements by:

• Integrating Monitoring Software to ensure seamless integration with existing systems.
• Leveraging AI and Machine Learning to predict risks, identify new financial crime patterns, and ensure compliance.
• Employing Real-Time Monitoring Systems to analyse transactions in real-time for prompt detection and proactive risk management.
• Using Advanced Data Analytics and Big Data to uncover hidden patterns and trends for more effective monitoring and risk management.
• Setting Up Threshold-Based Alerts to specific customer segments and regulatory thresholds to improve accuracy.

Watch the video to learn more about how automation can streamline and improve your monitoring processes and compliance efforts in combating ML/FT/PF risks.