All About Real-Time Transaction Screening & Monitoring
Using a combination of real-time transaction monitoring watch lists, and historical customer behavior, AML-TRACE sets rules to monitor suspicious activity patterns and stop high-risk transactions that are difficult to stop amongst high volume data. Its transaction screening mechanism also reduces the number of alerts your team has to review to spot patterns before they turn into risk-based customer behavior.
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RISK-BASED APPROACH
The risk-based approach is central to the effective implementation of the regulatory requirements. A risk-based approach means the organization takes the appropriate mitigation measures in accordance with the risk level. Our Risk-Based, scalable approach supports the complete customer lifecycle–right from initial onboarding to due diligence that is carried out till the end of the customer lifecycle. Its real-time sanctions screening mechanism enables the organization to focus its resources and take enhanced measures in situations where the risks are higher. AML-TRACE generates relevant alerts that are necessary for auditing purposes.
THE TRANSACTION MONITORING SOLUTIONS BY AML -TRACE HELP YOU
1. DEVISE COMPANY-SPECIFIC RISK EVALUATION LEVELS (LOW, MEDIUM, HIGH, AND VERY HIGH).
AML-TRACE follows a risk-based approach so that you achieve AML compliance effectively and on time. You can also set up dynamic criteria parameters that automatically assess clients as high risk. Through the software, you can manage several regulation groups within the same AML instance. Further, customize risk factors which include jurisdiction, nationality, product, etc.
2. DETECT SUSPICIOUS TRANSACTIONS
Most of financial crimes are committed through financial transactions. Insurance companies, Payment companies, and Money Transfer companies can now control the sender and receiver in the transactions with the AML-TRACE Transaction Screening tool. AML-TRACE detects fraud and money-laundering anomalies using rule engine and machine learning predictive models.
3. COMPLY WITH AML REGULATIONS
AML-TRACE gets sanctioned entities and individual names from sources like UN, OFAC, EU, HMT, and local government lists and any other subscribed commercial list, if any, by the client. Organizations can reduce the risk of financial crime by controlling the receiver and the sender from this data. Organizations can also create their own private lists which can be used for screening.
4. DEVISE CUSTOM OR DYNAMIC TYPOLOGY AND BEHAVIORS
AML-TRACE provides options to create dynamic typology from the known scenarios to customized scenarios. You can create the most convenient typology and scenarios for your business without having to write any code. Based on the scenarios, only the matching violated transactions are shown as alerts. So you can focus on the right alerts and reduce your workload.
5. GET REAL-TIME ALERTS
With Real-Time alerts, you don't have to wait until the end of the day to see the alerts. You can see the alerts of transactions determined according to your scenario and typology set in AML-TRACE. With our real-time alert system, you can swiftly apply the transaction monitoring rules to respond to suspicious activities in the fastest way.
6. MATCH ALGORITHMS
AML-TRACE works with multiple matching algorithms to derive an accurate matching result. AML-TRACE provides more comprehensive results by configuring the data it collects. In addition, organizations can control financial transactions with various preferences such as name, passport number, date of birth, nationality, and other parameters.
Reports Generated by the Transaction Screening Mechanism of AML-TRACE
To fulfill AML obligations, all businesses need to use the AML-TRACE software that has an AML Transaction Monitoring process in place. Every company has a different rule system (about what comprises a violation and what doesn’t) as per its business needs. AML-TRACE sends an alert whenever a suspicious transaction takes place. The transaction details are then examined by the compliance or risk department officials. Eventually, the firm halts its dealings with the violating person or entity.
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Suspicious Activity Reports (SARs)
These are sent to the AML, CFT, and KYC regulators as part of the real-time transaction monitoring process. This helps them uncover and penalize money laundering and criminal financial schemes, & other illegal endeavors. Because of SARs, governments are able to identify emerging patterns across a wide range of organized crimes. Accordingly, they take actions that counteract fraudulent or criminal behavior before it gains a foothold.
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Suspicious Transaction Reports (STRs)
These include reports of suspicious transactions–whether or not made in cash. These:
- Give rise to reasonable suspicion that the transaction may involve the proceeds of crime.
- Seems to have no bonafide purpose or economic rationale.
- Are made in circumstances of unjustified complexity.
Need for AML Transaction Monitoring
With advancements in technology, the methods of financial crime have become even more sophisticated. In the absence of a thorough real-time sanctions screening software, there will be no foolproof, credible way for organizations to oversee and minimize financial crime.
Intervening manually to identify money laundering threats is no longer a feasible option. This is because of two reasons: the method requires a lot of investment of time and energy and is prone to human errors. And by the time the threat is identified, generally, it is too late.
AML-TRACE is one of the best transaction monitoring solutions that helps companies identify financial fraud crimes on time. Having an in-built real-time sanctions screening mechanism, AML-TRACE automatically monitors customer transactions such as withdrawals, deposits, & money transfers. These figures are then used by companies as evidence in the audits.
Reduce False Positives with Real-Time Transaction Monitoring by AML-TRACE
The software identifies false positives and does not send unnecessary alerts. Ensure regulatory compliance by following all transaction monitoring rules and using AML-TRACE.
Also, you can easily configure the software and set assessment parameters as per your business needs. So, keep a watch on all client transactions and always stay ahead of your competition in terms of AML compliance. Reap the benefits of AML-TRACE today! It is the one-stop solution to all the anti-money laundering needs of your business.
Contact the team at SMART Infotech to know more about the transaction monitoring solutions offered by AML-TRACE.