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Transaction Monitoring – TransWatch ™

In most jurisdictions AML regulation requires regulated practitioners to monitor, investigate and report transactions of a suspicious nature.

Given the sheer volume and complexity of transactions involved, automated transaction-monitoring systems have become an increasingly important component of today's accepted AML processes.

Traditional Approach: Extra Work At No Added Value

Many first generation automated transaction systems have relied on broad scenario-based sets of behaviors that have generated an impractical level of false positive alerts. Because these alerts have also been disconnected from investigative information for interpretation, the cost of ownership has been high both in terms of time and resources.

Connected Transaction Monitoring: Less Work More Value

Complinet’s TransWatch provides a holistic, end-to-end AML solution that enables firms to meet the desired balance between regulatory and business risk requirements.

TransWatch uses sophisticated account profiling techniques and a high performance rules engine to quickly detect potentially suspicious behavior. Using customer historical information and account profiles, TransWatch identifies key behavioral changes and event patterns that may be indicative of money laundering and financial crime.

Integrated investigation workflow allows you to inspect the resulting exceptions, right up to FIU reporting and beyond. A full audit trail of all actions and events is automatically maintained by the system.

Connecting all elements of detection, inspection and resolution, TransWatch actively protects the firm’s assets and its reputation.

Detect, Inspect and Resolve

  • Detect
    • Recognize and identify patterns of behavior that may potentially be abnormal or unusual
    • Alert when a rule or exception is identified
  • Inspect
    • Review and investigate each alert
    • Determine if it is suspicious, as opposed to simply unusual, behavior
  • Resolve
    • Cases from rule breaches will be awaiting you first thing in the morning
    • Rapid resolution through integrated workflow and management reporting tools

TransWatch allows you to:

  • Drive down AML costs by eliminating the requirement for multiple vendors
  • Reduce your false positives
  • Satisfy the regulators
  • Protect your assets and reputation
  • Apply a consistent, audited approach to monitoring
  • Connect transaction monitoring to your entire KYC process

Benefits

  • Reduced false positives: Exceptions, multiple attributes and risk profiles can all be applied to rules to provide fewer but higher quality cases.
  • Rapid deployment: More than 70 pre-built and pre-tested detection rules are provided as standard. The parameter-driven system provides the ability for firms to personalize and control their rules.
  • Highly automated execution: Little day-to-day intervention is required for the automatic detection routines. All suspicious behavior and transactions are detected in a timely manner. Allows the investigative officers to focus on genuine cases, accelerating the entire monitoring and reporting process.
  • Flexibility: Adapts to changes in the behavior of fraudsters and money launderers, the introduction of new products, as well as new regulatory requirements.
  • Dynamic and intuitive workflow: Full control rests with the compliance team throughout the management of investigation processes.
  • Strong management information reporting: A graphical report writer is included as standard, together with a series of pre-built report templates.
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