Dynamic-GRC

AML Assurance: Transaction Monitoring

Transaction monitoring is a critical AML defence, get it wrong and you are in major trouble!

Challenge

The regulatory rules are simple, firms have to report suspicious actives to their designated national reporting agency. But what is suspicious?

  • Retail – When you have huge volumes or retail transactions how do you separate the honest transactions from the dubious?
  • Private Banking – Wealthy clients require detailed analysis due to their complexity and the unique client risk profiles.
  • Corporate Banking – corporate clients presents transaction monitoring challenges because of the risk of trade-based laundering, bribery and complex ownership structures.

AML-Assurance: Transaction Monitoring

Dynamic-GRC helps banks ensure they have thoroughly specified their AML Transaction Risk Profile before preparing and executing an AML Transaction Monitoring test script for each product/service provided.

The results of the Dynamic-GRC Transaction Monitoring Assurance are included in a report detailing the level of comfort each client can place in their traction monitoring. If requested, the final Transaction Monitoring Assurance report can include recommended action points to address any weaknesses identified. 

Dynamic-GRC’s AML Assurance for Transaction Monitoring gives regulated firms comfort that their systems and controls are fully specified and operational:

Products & Services

The first step in our Transaction Monitoring Assurance is ascertaining the range of products and ser-vices a firm offers. Products and services have different money laundering risks and attract different client/customer profiles with their own money laundering risks.

After undertaking an assessment of the firm’s AML Risk Profile at a product/service level we then ad-dress transaction monitoring at a system level.

Real World Scenarios

We have developed a universe of suspicious activities which we filter based on each client’s product/service offering.

The “Real World Scenarios” are based on our experiences which are augmented with reported transaction monitoring failures. Each scenario has two or more outcomes; a negative and a positive.

Firm Specific Scenarios

We believe that each client is unique, and each has their own transaction monitoring experiences. As part of our Transaction Monitoring Assurance, we include client specific scenarios in our test plan.

GRC-Maestro

Prove Compliance – Evidence your Governance, Risk & Compliance (GRC)

Automate GRC – Run manual checks and processes automatically

Low Cost – Quick and easy to use + low pricing

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