AML/CFT – The potential costs of non-compliance

The need for AML compliance / transaction monitoring solutions, at face value, can be considered a necessary requirement, or expense, induced by regulators. However, one can also analyze the introduction of these solutions from the perspective of possible cost savings. The first, and possibly obvious, cost saving is the avoidance of fines. This aspect is […]

Effective AML Case Management

Although the identification of suspicious activity is core to an AML solution, an equally important component is the effectiveness of how to manage the investigative processes that follow such alerts. Inconsistent investigative processes, both in terms of approach or in terms of quality, can open up a loophole in the process that can make the […]

Risk Based Approach

Once the customers demand for services increases and business growth ensues, transaction volumes and variety become so large that a one-size-fits-all transaction monitoring approach no longer becomes feasible or effective.  Traditional transaction monitoring rules tend to be set as thresholds impacting most of the customer-base with the least-risk cut-off point.  This results in rules that […]

Powering Anti-Money Laundering efforts with Artificial Intelligence

The question that follows, is how can artificial intelligence assist organisations with combatting Money Laundering? Although in essence the ultimate question which  needs to be answered is a binary one – is a particular activity hiding illicit money laundering activity or not – reaching a simple and correct conclusion is in many cases not an […]

What is Adverse Media and why do we need it ?

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What is Adverse Media and why do we need it? Globally there is a spotlight on regulated industries and the general trend right now is for countries to encourage or force adverse media screening checks in order to assist with combating any poor AML protocols. Onboarding a client with a poor reputation and a risky […]

The Growing Pressures for Compliance – A Special focus on the role of the MLRO

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In recent times, we have seen a major increase in electronic transactions in part due to Covid19 and the reduction in cash transactions, but also with the increase in Electronic Money Institutes (EMI’s) starting up which are disrupting the market. This increase in volume of traffic has made it more difficult to monitor and detect suspicious transactions, persons, and businesses for compliance […]

AML Connecting the Dots Webinar – Minimising Fraud Risks in Regulated Companies

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Money laundering and prevention of risky financial activities has proven to be a challenge to tackle for regulated companies. With technological advancements, come more intuitive ways for criminals to find their way around manipulating systems, and pursue fraudulent activities through said regulated companies, which can potentially cost these companies millions in legal fees. On April […]

Business and Reputational Risk – The True Cost of Not Being Compliant

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Rarely a week goes by that we do not hear of the latest multi-million fine being imposed on a bank or a financial institution or a gaming company for lack of compliance. AML failures that have been highlighted consistently include Know Your Customer, Customer Due Diligence and Monitoring Suspicious Transactions. Last year 2020 saw some […]

Transaction Monitoring Solutions and Why Your Business Cannot Do Without One

ComplyRadar -What is AML transaction monitoring

A transaction monitoring (TM) solution focusing on Anti-money laundering (AML), Fraud or Responsible Gambling, provides financial institutions with the tools to monitor customer transactions and identify risky or suspicious transactions effectively in real-time. The role of a transaction monitoring solution is to: Provide a clear and precise process to tackle AML, Fraud and responsible gambling […]