Protecting against Reputational, Regulatory and Financial Losses through enhanced AML Monitoring
Client: Global Financial Services Organization
Objective
To provide ongoing transaction monitoring support to a global financial services organization on Anti-Money Laundering and design processes to reduce and manage false positives.
CRISIL's Solution
The CRISIL team provides ongoing review of alerts triggered by the Anti-Money Laundering-Transaction Monitoring system (AML-TMS) to detect potentially unusual or suspicious pattern of transactions, including:
- Production and delivery of Suspicious Activity Reports (SAR) of suspicious cases for regulatory purposes;
- Identification of scenarios resulting in false positives and processes for effectively automating resolution;
- Provides 100% quality within the Turn Around Time (TAT) \ Service Level Agreement (SLA) with effective closure & potential escalations.
Client Impact
- Effective monitoring of the AML-TMS system protects client from reputational loss and regulatory charges/fines
- Significant cost reduction through effective process streamlining/automation
- Risks associated with failed segments were quickly mitigated
- Coverage redundancy reduced due to improved segmentation and scenario tuning
- False positives reduced by 5% due to threshold tuning
Questions