ComplyRadar pushes risk-based approach for AML transaction monitoring 

21st August 2019

Company utilises a full risk-based approach to eliminate disruption to genuine customers, detect potential criminal behaviour, and demonstrate full ongoing compliance.

ComplyRadar, an anti-money laundering (AML) transaction monitoring system, is pushing its risk-based approach for automated flagging of breaches to an ever-changing suite of rules and regulations, thereby minimising the risk of human error.

As AML regulation strengthens and the risk of non-compliance increases, it has become essential for businesses dealing in large volumes of financial transactions to improve risk identification and detection of suspicious activity by implementing AML Transaction Monitoring, a spokesperson for ComplyRadar, powered by Computime Group said in a statement.

Not adhering to the ever-changing AML regulations can lead to reputational risk and potential fines. Too many false positives can inundate your compliance staff with unnecessary work. Plus, manual transaction monitoring processes are prone to human error which can result in a negative customer experience. Not having a comprehensive audit trail can further complicate matters, the spokesperson added.

ComplyRadar helps to address the 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.

The spokesperson concluded by explaining that ComplyRadar utilises a full risk-based approach to eliminate disruption to genuine customers, detect potential criminal behaviour, and demonstrate full ongoing compliance. It sends notifications on the transactions that matter and enables users to automatically apply a full-pattern analysis to instantly see suspicious transactions in real-time. You can then manage flagged transactions through a comprehensive review process leading to the filing of a SAR when required.

About ComplyRadar

The ComplyRadar AML Transaction Monitoring system monitors transactions relating to individuals, accounts, and entities to detect suspicious activity – quickly and effectively. It automatically identifies suspicious behaviours and enables you to react in real-time or retrospectively, while minimising unnecessary alerts. ComplyRadar empowers you to stay on top of the ever-changing regulatory requirements and make the right risk decisions, faster.

For additional information, visit https://www.comply-radar.com, email info@computimesoftware.com, or call +356 2149 0700.


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