With an ocean of information at your finger tips, how do you decide what is relevant for you to properly assess the AML risk of client engagement?
Customer Due Diligence is conducted using public and non-public sources at primary client engagement and repeated when certain events, such as the passing of time or a change in client profile trigger a review.
Secondly, regulators require real time transaction filtering to prevent payments being made to black-listed persons or groups or that contravene sanctions regimes.
Thirdly, banks are required to monitor transaction flows and patterns over time and investigate deviations from expected profiles.
There are systems available in the market to support you in all this. The challenge you face is to combine and filter all the information to provide you with an accurate AML risk profile. The best systems cleverly consolidate the information in a risk dashboard and provide a case management tool to investigate incidents in a consistent way.