Connect with us

Business

Anti Money Laundering Surveillance – How Does It Work?

For quite some time now the financial sector has had to suffer because of financial crimes. Money laundering is one of the major challenges and in order to respond to this threat, banks and other players in the financial sector have developed an array of anti money laundering solutions designed to detect and prevent the vice. Transaction monitoring and surveillance has been a major step forward. There are advanced transaction systems that simply give banks the power to prevent money laundering in a more proactive way. But how do these monitoring and surveillance systems work? Well, here is a simple explanation.

Aml Surveillance Definition

Before giving you a breakdown of how surveillance systems in anti money laundering work, first of all let’s introduce you to the concept of aml surveillance. Well, simply out, aml surveillance is the process through which banks monitor transactions going in and out of their system. The aim is to see whether the transactions are aligned to the expected pattern. In cases where a transaction goes out of order, it will be flagged and reported for further investigation.

How Does Aml Surveillance Work?

On face value aml surveillance may seem like a challenge. However, there is enough technology to deliver results without affecting the overall efficiency of the banking system. Here is how it works:

Customer Behavioral Pattern

A monitoring surveillance system will flag a transaction based on a set criteria. It is the job of the bank to set these criteria. As part of the process, banks will collect information about a customer and create a transaction pattern that is to be expected from that particular customer. Every transaction done by the client using the bank’s system will be monitored by the system to ensure the expected pattern is not breached.

Reporting

If there is a case where a transaction fails to align itself with the customer profile or pattern, the system will flag and report it. This is where it gets interesting. Just because a transaction is flagged does not mean it’s bad, it only indicates that more investigation needs to be done. There are systems though that have very few false positives and most of the time, only suspicious transactions will be flagged. In addition to this, it is important for banks to do well in developing quality customer profiles and behavioral patterns to ensure they are not missing anything.

Well, that’s it! Transaction monitoring is not rocket science and as long as you have a quality aml surveillance system, it will be so easy. You can visit Trapets and discuss your options. They provides high quality transaction monitoring solutions in the financial sector.

Continue Reading

Recent Posts

Health3 days ago

3 Things You Need To Be Doing To Look After Your Teeth

Many people don’t prioritise looking after their teeth, however it is so important as we only get one adult set...

Autos6 days ago

Car Care and Checklist for Road Trip

Are you planning a road trip across Australia? If you are, you must know that you couldn’t have chosen a...

Home Improvement1 week ago

Interior Design Secrets For Your Living Space

Interior design is not something that comes naturally to the majority of us. Figuring out how to pull a room...

How to Make SEO Work For You and Your Business How to Make SEO Work For You and Your Business
Business1 week ago

Office Building Maintenance You’ll Need To Take Care Of

Like other buildings, office buildings need to be well-maintained so that they are safe, comfortable, and pleasing aesthetically. To accomplish...

Lifestyle2 weeks ago

Text Messages Vs Sexting Apps – What is best for fun?

It’s no secret that sexting has become a popular way for people to get their kicks. But what’s the best...

Picture of Nike High Top Trainer Picture of Nike High Top Trainer
Lifestyle3 weeks ago

Hottest Trainer Brands for 2023

It’s time to update your wardrobe! As we get closer to 2023, it’s time to get the freshest fashion trends....

Lifestyle1 month ago

How To Have Great Personal Hygiene

Personal hygiene should be a basic practice of everyone’s routine. Feeling healthy and clean is a direct response to great...

Business1 month ago

Protecting Yourself From Scams

As the world becomes more digital, unfortunately many people are using this as a way to scam hard-working people. There...

Marketing2 months ago

Marketing Tips For A Gym Wear Brand

When starting a gym wear brand, there are a few things you need to do and one of them is...

Business3 months ago

Why Is Quantity Surveying Essential in Construction Industry

Quantity surveying is an essential part of the Australian construction industry. It is the process of calculating and estimating the...

Home Improvement3 months ago

How to Maintain Upholstered Furniture

No matter if you have pets or kids, maintaining your upholstered furniture is quite a challenge. Even though vacuuming it...

Business3 months ago

How Do I Find a Good Bubble.io Developer?

Finding a good bubble developer to help build your app or digital product can seem challenging. How can you choose...

Home Improvement3 months ago

When is a right time for home repairs?

Summer is a popular time for a renovation around the globe. While it is true that bright days and warm...

Top Alteryx Competitors Top Alteryx Competitors
Tech4 months ago

Top 15 Alteryx Competitors

The world has seen a tremendous rise in startups and new incorporations in the business world. Companies have great potential...

Lifestyle4 months ago

Latest Wedding Trends for 2023

If you’re planning on getting married this year, chances are you’re probably overwhelmed and confused when it comes to wedding...

Categories

Archives

Trending