Why you need an automated AML transaction monitoring solution

We’re living in the digital age, meaning we’re all too familiar with how the online sphere has dominated the world of financial transactions, particularly in recent years. Naturally, a consequence of this is that cybercrime and online money laundering have risen exponentially. Automating your AML transaction monitoring process, rather than doing it manually, will give you superior results with increased consistency – while you save time and money. Here’s a bit more on why you need to make the switch to an automated AML transaction monitoring solution ASAP.

Your customers and brand deserve it

Sure, theoretically you can opt for the manual route, but a manual transaction monitoring process is time consuming and error prone which can lead to a negative customer experience. More importantly, if your competition opts for automation before you do, then you fall behind and risk compromising your brand and the success you’ve earned so far.

Regulators will look at the leading names using automation when devising new regulations, leaving you to play catch-up. The days of having this information examined manually are long gone – the digital age waits for no one. Automation is inevitable, so you might as well be proactive, seize the opportunity, and get ahead of the curve. You’ll be amongst the leaders, rather than reacting to what others have done before you.

Increased accuracy and consistency

A team of people can never be as consistent as an automated system. Compliance officers cannot function at peak efficiency for long, with factors like fatigue and human error coming into play. Work rates will inevitably slow down over time, and mistakes will happen. Aside from all this, manual monitoring does not have the scalability that its automated counterpart offers – which is significant for any company attempting to keep up with global regulations.

The bottom line is this – purely manual methods are a thing of the past. We’ve seen automation on the rise across virtually all industries, at least in some capacity, and the financial sector is no different. Every financial organisation needs to facilitate maximum efficiency while being able to scale and adapt accordingly. With that in mind, there remains no doubt that automated AML transaction monitoring is the way forward.

ComplyRadar – it pays to comply

ComplyRadar helps address AML transaction monitoring requirements by automatically identifying suspicious behaviour in real-time or on a scheduled basis, while minimising false positives. It monitors transactions related to individuals, accounts, and entities to detect suspicious activity quickly and effectively, through a fully audited process to inspect and act on flagged transactions. Contact us for more information on how ComplyRadar can empower you to stay on top of the ever-changing regulatory requirements and make the right risk decisions, faster.