Ongoing Monitoring AML | Transaction & Client Monitoring

Background

Ongoing Monitoring is not only part of the Enhanced Due Diligence (EDD) process it is also important to stay and be compliant.

No matter if Fintech or traditional financial institution ongoing monitoring can be time consuming and highly manual and as a result costs money and time. This ends not only with high costs it  also produces a  high rate of false positives and human error.

Recently a study published showed that more than 90% of compliance costs of traditional financial institutions and 75% of compliance costs of fintech companies result of manual checks.

Not only regulatory pressure leads to a change in the modern compliance teams.

Of course, you need to ensure that your business has adequate controls and monitoring systems in place. This is especially important for ongoing compliance monitoring. Ongoing monitoring is critical here, because it helps you prevent criminals from trying to use your business for money laundering and other financial crimes.

Through ongoing transaction and customer monitoring, you can ensure that money laundering risk is prevented in the day-to-day operations of your business.

High-risk detection, of course, needs to be automated to make it more efficient and less prone to error. It also ensures ongoing compliance.

DX Transactions Monitoring

How can the DX real time Transactions Monitoring System help you here?

Continuous Monitoring for Risk Signals and Updates can be done in multiple ways.

The perpetual ongoing KYC monitoring (Know Your Customer) includes Ongoing Sanctions, Watchlists and PEP Checks (Politically Exposed Person). The analysis on an ongoing basis reduces significantly the time and cost of the otherwise manual review process. Don’t stick to Excel – there are better ways than Spreadsheets.

Enhanced Ongoing Monitoring

Transaction Monitoring is on the Enhanced AML Monitoring side extremely important.

If you need more than Instant and Ad hoc AML Checks on an ongoing basis our Core Transactions Monitoring product is here Key. Enhanced measures and enhanced ongoing monitoring of a client is important as daily updates can change the risk of the client relationship.

How CheckAML can help you?

Our CheckAML Platform is designed for clients who…

• want to perform instant AML Checks or
• have a smaller client base and
• are not in the need of a Full Transactions Monitoring Solution or
• want an instant Ad on.

With CheckAML you can perform in seconds Instant AML checks on people and businesses. If you want to monitor them on an ongoing basis our product CheckAML allows you to do so. We have 5 different monitoring options from which you can select.

• Daily Screening for Updates
• Weekly
• Monthly
• Quarterly
• Custom

The DX CheckAML Platform and DX Transactions Monitoring System both help you with ongoing monitoring as it provides you with an ongoing client monitoring capability.

So that you not only know who your customer (KYC) is at onboarding, but also over time – in order to have better risk assessments and ensure real time updates aren’t missed.

In our CheckAML Product You can enable ongoing monitoring directly through your Dashboard so that you can received enriched data with structure profiles.

In addition to that you also have the option to  re-run a check every time you want to have an update. As most of our customers choose Daily Monitoring for a reason as Global and local Sanctions & PEP lists are updated on a daily basis with thousands new updates.

Summary

Let us at DX Compliance take care of the heavy lifting. No matter if our Core Transactions Monitoring or our CheckAML offering – we’ve got you covered. Best is to have a talk with our Compliance Experts.