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Transaction Monitoring is an essential process in protecting a firm from money laundering, fraud and other financial crimes, which can result in legal and regulatory penalties. Ensuring the systems, processes and controls that are in place in relation to transaction monitoring within an organisation are reliable, robust and fit for purpose will not only protect from financial crime but will also ensure compliance to domestic and international regulation and legislation.

Whilst transaction monitoring relies heavily on automated systems and technology, ensuring the operational resourcing element of the transaction monitoring control process is appropriate, proportionate, adequately skilled and auditable is crucial if the process is going to be able to protect a firm and the financial services industry from money laundering and other financial crime risks.

FAILING TO HAVE AN EFFECTIVE TRANSACTION MONITORING PROCESS COULD RESULT IN FRAUD AND FINANCIAL LOSS AS WELL AS REGULATORY AND LEGAL PENALTIES.

Common Issues Relating to Transaction Monitoring

  • Inability to cope with volume and backlog: An inability to cope with volumes and backlogs of transaction monitoring reviews puts firms at risk of failing to identify and a report a suspicious transaction/activity within the required timeline.
  • Cost: The transaction monitoring process relies on both small and large teams of specialised analysts manually reviewing transactional data information. This can result in a significant cost.
  • Lack of practical and industry expertise: Many firms struggle to find adequately skilled transaction monitoring analysts. Ensuring individuals in this control function have the relevant practical and industry experience is essential if the process is going to be successful.

How Lysis Can Help:

Lysis can engage with your business to assess your specific requirements and to tailor bespoke end-to-end resourcing and case management software packages, depending on your needs.

Surge Resourcing:

Lysis can provide experienced and fully trained AML Transaction Monitoring resources for teams of 1 to 200 people, which will assist in eliminating backlogs:

  • Removes the risk of transactions not being reviewed in line with procedural and regulatory requirements.
  • Ensures any suspicious activity is reported in a timely manner.
  • Surge resourcing requirements can fit any specific need, location and size.

Low Cost Off-Site Operational Centre

Lysis can provide out-sourced processing and review of transaction monitoring in our secure City of London Operations centre.

  • Reduces cost of having Full Time Equivalents on-site.
  • 100% secure and complies with data protection requirements.
  • All Lysis Transaction Monitoring analysts are experienced and fully trained.

Training Needs Assessment

Understanding the capabilities and training needs of existing personnel is essential for staff selection, allocation to roles and team creation/enhancement.

  • The output of the Training Needs Assessment is a detailed report highlighting strengths, weakness and training requirements and can include data on each individual as required.
  • Ensures the correct level of training is given resulting in the required knowledge and expertise being instilled within the control function.

Ensuring that correct level of training has been provided will result in a stronger team and increase the overall quality of work and Suspicious Activity Report submissions to the National Crime Agency.