AML Transaction Monitoring Simplified with AML360
Anti-Money Laundering Compliance Officers must utilise AML Transaction Monitoring and detect ‘red flag’ client activity. AML360 provides your firm with affordable and effective compliance systems for detection, tracking and reporting.
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Corporate Governance
Demonstrate to AML auditors effective AML/CFT monitoring.
Risk Analytics
Reduce costs by eliminating labour intensive processes.
Reporting
Automate ‘red flag’ alerts with case management features.
Customised
Use relevant AML transaction monitoring rules.
Establishing AML Transaction Monitoring
Compliance laws for Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) require the ability to detect unusual or suspicious client activity.
This ongoing monitoring of client activity is a key principle of AML/CFT laws.
AML Transaction Monitoring Principles
The AML Business Risk Assessment will provide information on the characteristics of products and services, as well as client vulnerabilities, that if present, increase exposure to facilitating money laundering or financing of terrorism.
With this knowledge, Anti-Money Laundering Compliance Officers can establish AML Transaction Monitoring rules for assisting in the detection of unusual client activity.
AML Transaction Monitoring - Manual vs AML Software
The number of transactions and the volume of clients that a business maintains will impact on decision-making of best solutions for establishing AML/CFT Transaction Monitoring systems.
The greater the volume of activity, the greater the likelihood that a business will require streamlined internal processes.
What are the key features of AML Transaction Monitoring Software?
An Anti-Money Laundering Transaction Monitoring solution should have flexibility in adding or amending thresholds related to products/services and AML/CFT client risks.
Anti-Money Laundering Transaction Rules should be tested to ensure the number of alerts are not too few and neither too high.
The risk priority level should be displayed. This enables Anti-Money Laundering Compliance Officers to attend to higher risk client activity.
What is the Cost of AML Transaction Monitoring?
The cost of AML Transaction Monitoring depends on whether a business is reliant on human resourcing for processing transactions or utilising software.
Typically an anti-money laundering compliance framework that relies heavily on human resourcing will experience high compliance costs.
By utilising AML Software to monitor and report AML/CFT Transaction Monitoring processes, compliance is streamlined, resulting in eliminating labour-intensive high costs.
Setting AML Transaction Monitoring Rules
AML360 assists your business in establishing relevant AML/CFT Transaction Monitoring rules.
The AML360 Transaction Monitoring Solution includes 40+ rules that businesses can select. Filters allow quick identification of ‘red flag’ activity.
The AML360 Platform performs automated workflows, including Case Management for recording, tracking and reporting on client activity.
Go Digital with AML360
AML360 Software has been designed for best practice and streamlined processes for administering anti-money laundering compliance obligations.
AML360 Software provides your business with expertise and advisory services embedded into the regulatory technology.
Trust AML360 for Governance, Risk and Compliance.