An essential part of a KYC and AML compliance solution is transaction monitoring – software designed to oversee customer transactions in real-time or on a daily basis, and detecting possible risks hidden in business relationships. The need for a reliable compliance system is becoming more urgent to prevent financial crime and fraud from spreading, which means that transaction monitoring is now no longer optional but a necessity.
AXON AML Transaction Monitoring enables you to automate and optimise regulatory and compliance functions by tracking and reporting on critical data in real-time. This provides a major benefit in time-saving, versus a manual process.
An AML transaction monitoring solution is meant to identify and prevent any ongoing transactions that may lead to fraud, financing terrorist organisations, and money laundering. Proper risk analysis is carried out by using adequate KYC procedures to gather information, then AXON uses its rules engine to build scenarios for monitoring transactions. This is how AXON achieves full automation and smoother transaction monitoring.
AXON offers a complete ongoing monitoring solution through the profiling and analysis of customer behaviour from a transactional perspective. It constantly checks customers in real-time to meet AML requirements on threshold of deposits or withdrawals. The payment method and deposit or withdrawal values are utilised to drive logical checks and the related triggers to the KYC system. This provides your compliance team with a single place to manage all the data related to KYC activity for your entire customer base. AXON also takes into consideration the current KYC status and level of documentation attained on each customer to only trigger notifications when required.
When a suspicious transaction is identified, AXON alerts the compliance team to review and reassess potential risk. In doing so, it reassures companies and regulators by giving them extra confidence in their compliance process. Advanced checks such as beneficiary monitoring is provided via access to watch lists and PEP’s while the system can also be customised to include validations and various AML checks.
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