Monitoring and Alerts

Manual AML monitoring is not only time consuming and laborious but is also open to error due to the sheer volume of data that needs to be checked. The most efficient, reliable, and cost-effective way to regularly monitor AML risk is by using an automatic online AML monitoring service. SmartSearch’s ongoing monitoring service takes daily updates from the Dow Jones Factiva Watchlist, which is comprised using data from more than 1,100 worldwide Sanction and PEP lists. Using this information, our innovative data matching processes automatically identify false positives ensuring our clients are only alerted if further action is required.

The AML process has three parts when it comes to completing due diligence on a customer or potential customer. The first is the initial AML check; identity verification to ensure the customer is who they say they are. The second part is screening for Sanctions, PEPS, Adverse Media, and RCAs. This is how you can assess the risk, if any, posed by entering a relationship with that individual or business. The third part is ongoing and is where, after initial checks have been completed, the customer is monitored for any changes. This is a vital part of the AML process because, if you check the customer once but never again, you will not know if anything has changed, so cannot be sure you are still compliant.

AML Transaction monitoring is where financial transactions are monitored rather than individuals or businesses. By using a range of data sources, including credit reference agencies, fraud lists, bank card transactions and mobile phone activity, any potentially fraudulent activity can be identified.

Identity fraud tracking is similar to transaction monitoring; by continually monitoring consumer reporting agencies, fraud lists, cell phone activity and bank card transactions, anything suspicious can be identified and investigated to see if there is any potentially fraudulent activity. The best way to mitigate identity fraud from the outset is to use an online identity verification system with facial recognition technology to ensure the customer and the ID they provide match. Our TripleCheck service includes the latest biometric, facial recognition and liveness techniques to give you a more accurate picture of your customers.

The quickest, most reliable, and most cost-effective AML monitoring solution is an online platform that has access to Sanction, PEP, SIP and RCA lists. SmartSearch not only performs initial AML checks with Sanction and PEP, SIP and RCA screening, but hosts all search data on the system and monitors the entire customer database on an ongoing basis. Using data from the Dow Jones Factiva Watchlist, SmartSearch can ensure all clients always have a fully compliant position.

SmartSearch automatically runs Sanction, PEP and RCA screening on every AML check performed, including business executives identified via a business check, and then our daily monitoring service tracks each check on an ongoing basis. Our system has one of the highest ‘match and pass’ rates available, which enables us to minimize the number of false positives returned; we will only alert you if a true match is made and further action is required.