Ongoing Monitoring | AML and KYC Compliance

What is ongoing monitoring?

Ongoing monitoring is a regulatory process required as part of AML compliance regulations. This process involves ‌continuous assessment of customer transactions and activity to determine risk and detect suspicious activity that could indicate financial crime. 

Businesses that follow ongoing monitoring measures can protect themselves against fraud and money laundering, whilst also ensuring customer records are up to date.

Why is Ongoing Monitoring needed?

Not only is it a requirement for businesses to conduct ongoing monitoring to maintain compliance, but it’s also needed to help keep financial businesses safe. Ongoing monitoring helps to:

• Detect suspicious activity by reviewing customer behaviours and flagging unusual transactions.
• Maintain up-to-date records that can be used for further compliance and investigations.
• Keep on top of AML regulations. Businesses have to conduct this monitoring by law, especially if customers are considered high risk.
• Support other organisations conducting risk assessments and AML checks on suspicious customers. 
• Protect the reputation of your business. Preventing financial crime helps to prevent your name from being associated with criminal activity or “dirty money”.

What are the main features of Ongoing Monitoring?

There are a number of processes that go into ongoing monitoring, with each one being designed to ensure complete visibility and tracking of client activity.

• Monitoring transactions - reviewing bank statements and transactions, and flagging any unusual activity like enormous sums of money leaving or entering accounts. 
• Updated customer due diligence - Services like TripleCheck verify customer identity and provide current and regular risk information. 
• Enhanced due diligence (EDD) – Added scrutiny and checks to high risk customers or large transactions.
• Automated risk alert and reporting - Advanced technology conducts AML risk assessments and flags any suspicious activity. 
• Regular reviews - Customer risk profiles are reassessed based on changes in behaviour or new trends in transitions.

How does ongoing monitoring impact your business?

The ultimate aim of ongoing monitoring is to keep your business safe against financial crime, but it is also a legal requirement and failure to comply can lead to a number of consequences. 

If you fail to comply with AML regulations, you can be faced with penalties or fines, and if you become caught up in financial crime as a result of poor screening, your company can also face legal consequences. 

Ongoing monitoring helps to protect the reputation of your business and instill trust in your customers. 

A well-rounded AML system, including ongoing monitoring procedures, not only protects your business from costly risks but it helps to ensure legal compliance.

Stay compliant with ongoing monitoring from SmartSearch

Manual monitoring is not only time consuming but can lead to errors that can have a serious effect on your business. Stay safe and compliant with SmartSearch’s automated AML and ongoing monitoring. 

With our advanced technology you’ll receive real time alerts for changes regarding customer status and transactions. Our system automatically conducts PEP screening against and monitors global watchlists, automatically updating any profiles where suspicious activity is found. 

With manual and automated checks, you can stay confident you’re meeting AMl regulation and reducing the risk of financial crime affecting your business. 

Book a demo today and discover how ongoing monitoring can solidify your compliance strategy.

SmartSearch’s ongoing monitoring service is supported by the Dow Jones Factiva Watchlist which comprises over 1,100 worldwide Sanctions and PEP lists. Our system takes updates from the list every night ensuring that all clients can continually monitor their customers. Our efficient and innovate data matching processes work to greatly minimise the number of false positives returned, so that you are only altered when a true match is made.