Reference material

Statistical models predict anomalous transactions and fraudulent customers, and detect anomalous relationships inside a financial system. With the growth in volume, veracity, variety and velocity of data, real time fraud detection now depends on advanced analytics reading subtle behavioural signals such as click speed, time on page, IP address, products purchased and browsing behaviour.

Monitors customer transactions daily or in real time for risk. Combined with historical information and account profile, it gives a whole picture view of a customer’s risk level and predicted future activity, generating reports and alerts on suspicious activity.

A politically exposed person has been entrusted with a prominent public function and presents a higher risk of involvement in bribery and corruption by virtue of their position and influence. Separate checks against PEP data are required to limit exposure to financial crime.

Suspicious activity reports are central to effective AML and are of vital importance to regulatory and law enforcement agencies. Quality matters as much as volume, from investigating and documenting the activity through to writing narratives that serve as a front line against financial crime.

Identifies individuals and entities that present a source of risk to the business, territory or overall safety, then manages the compliance review and reporting process. This is how an organisation complies with increasingly complex domestic and international regulation.

Managing risk, compliance and fraud issues across multiple functions is a daunting challenge. Case management collects the disparate sources of information an analyst needs to resolve an issue, removes subjectivity from resolution and creates consistency between cases.

Drives targeted AML and anti fraud outcomes. Reduces cycle time while eliminating backlogs, cuts data aggregation times and reduces false positives without losing critical data, so more actionable alerts reach resolution faster.

Online identity verification is the starting point for AML compliance in a digital world. Governing bodies are increasingly comfortable with, and in some cases encouraging of, digital customer identity verification. AML and KYC go hand in hand here.

Risk management forms the basis of an AML compliance programme. A system must include risk assessments, customer screening policies and specific procedures for high risk and special categories of customer.

Financial institutions worldwide are required to develop and operate AML compliance programmes. Every institution needs a clear understanding of what its programme must achieve and how to build one that works for its own business, which makes reporting an essential feature rather than an optional one.