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11 June 2020, 9:29


Say No to Spreadsheets


Fines levied against financial institutions for having ineffective Transaction Monitoring System

Why Transaction Monitoring

Last week we conducted a polling on LinkedIn on : Biggest problem faced by Compliance Teams.

55% voted Transaction Monitoring has their biggest Compliance hurdle.

Statistics on Biggest Problem faced by Compliance Team?

Let’s analyse why Transaction Monitoring is your biggest problem.

Financial institutions are known for using tools like Excel to perform transaction monitoring.Compliance officers become experts in tools like pivot tables to normalize data so that it can be an analyzed and evaluated more easily. However, as operations grow, the limitations of Excel become apparent very quickly.

The outputs are a list of alerts associated with unusual transaction, behaviour or patterns indicative of money laundering. These are subjected to a manual review by analyst to determine if transactions are suspicious or not. Moreover, poor data integrity leads to poor quality alerts leaving financial institution with large number of unproductive alerts that are difficult to manage

Say no to spreadsheets for analyzing transaction monitoring

DX Compliance says no to excel

Getting Right Tool for the Job

Firstly, the best in class Transaction Monitoring system should facilitate the assignments of alerts the right resources, provide all data needed for investigation in one place and ensure all factors are considered.

Secondly, AI offers immediate opportunities to significantly reduce operational costs with no detriment to effectiveness.

How to Evaluate Transaction Monitoring System.?
1. Case Management and Work Flow Capabilities.
2. Ability to integrate into the current and, potentially, future technology environment.
3. Capability to Customize Rules and Case Management.
4. Automated SAR reporting.

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