With financial crime being increasingly pervasive, there is a growing need for organizations to implement compliance programs that go beyond the essential requirements. Therefore, the Transaction Monitoring solution, with the user of analytical techniques, screens for suspicious and unusual financial activity and behaviour. Profiles are created on each individual customer and the system compares their financial activity against expected rules that have been set.
It is an effective tool that manages to reveal risk that may be associated with your business relationships.
Transaction monitoring software application is one of the most important tools that ensures anti-corruption. It uses rules that automatically seek to flag potentially suspicious transactions while ignoring ordinary or expected activity so that organisations do not lose revenue to poor performance or incur fines and penalties.