From applicant stage prior to on-boarding to fully active status, KYC Portal actively manages all aspects of the risk exposure posed.
Using a risk-based approach wherein not all suspicious behaviour is fraudulent, but equally not all fraudulent behaviour is suspicious, the Transaction Monitoring addon simultaneously provides the certainty that any financial activity is within set and expected parameters for customer types and single entities, and the ease offered by a fully automated background process that requires no human overview, other than when irregular patterns trigger alerts informing on type of investigation required.
This optional AML transaction monitoring engine is a plugin that is usually sought for by organisations that have the source of transactions themselves such as banks, gaming and also payment servics.
This module is all about automating the checking of all transactions possible to be able to flag in real time the risk being posed. Whilst the engine comes packaged with the default set of basic rules, it also allows the customer to define their own rules within the engine. The alerts of such rules (when triggered) are then automatically linked to the application / entity within KYC Portal which in turn can be set to also automate the action that needs to be taken on the entity based on the outcome of the rule such as automatic escalation, reporting to a different team or requesting furhter documentation.
This module delivers major benefit for customers who process numerous transactions on a daily basis as it drastically reduces the risk exposure of not being able to report AML anomalies in time.