Anti-money laundering (AML) monitoring means that process of reviewing existing relationships as a form of surveillance for those entities that are apparent to be associated with money laundering or the financing of terrorism (CFT).
The purpose is to try to intercept, and where possible prevent, the emerging of potential risk elements referable to a higher exposure of its customers or counterparties or their involvement in illegal activities, fraud or financial crimes.
AML monitoring can be defined, therefore, as a crucial requirement for organizations involved in the financial sector and beyond, in order to be compliant with the regulations on the topic, but above all to increase their security safeguards, protecting their business. In practice, AML monitoring implies the adoption of a series of procedures, technologies and tools aimed at detecting, collecting and reporting any relevant elements: being in a position to automatize the monitoring process by assuring its automatic and timely application, it reduces drastically the manual intervention and review actions, with an outstanding efficiency of resources.
The proper audit procedure and the access to a specialized database is a must not only when it is necessary to evaluate the legal-financial situation of a potential client or a potential counterpart, but also represents a very strategic moment for the on-going verifications, which means it is adapted in order to keep monitored entities that are part of one’s business network, reducing the risk that a deficiency in the verifications or a delay in the identification of risk elements could compromise it significantly or irreversibly.
Automating this process, means speeding up the adequate verification, optimizing how resources are being allocated in terms of time and focus, while preventing the possible risks coming from information which is still not available to the compliance officer or not up-to-date, so as to minimize reputational and operational risks effectively.
With Daily Control’s Automated Monitoring™, the monitoring process can be automated in an intuitive and customizable way, either through the online platform for hand users and without any need for technical involvement, or it can be integrated into existing solutions via API. Automated Monitoring™ allows users to comprehensively and continuously identify new potential risk drivers related to their customers, partners and counterparties.
The essential elements of Automated Monitoring™ include:
- Daily screening on the specialized Daily Control™ database to access the most updated information;
- Most advanced data management technologies and dedicated IT architecture fully harmonized with the database for greater efficiency;
- Facility to apply specific filters in line with your internal policy.
By activating Automated Monitoring™, it is possible to be notified in the case of any updates related to the monitored name, which may result from news about illegal activities concerning money laundering and terrorist financing, sanctions, career developments of individuals with political roles, or available biographical records.
Moreover, the service has been developed to be intuitive and customizable. It is, for example, possible to:
- Manage in full autonomy the potential subject(s) to be monitored;
- Configure the ways in which notifications are received;
- Customize the areas of interest for each monitored subject;
- Set the frequency of receiving alert notifications.