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.
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.
Lysis can provide experienced and fully trained AML Transaction Monitoring resources for teams of 1 to 200 people, which will assist in eliminating backlogs:
Lysis can provide out-sourced processing and review of transaction monitoring in our secure City of London Operations centre.
Understanding the capabilities and training needs of existing personnel is essential for staff selection, allocation to roles and team creation/enhancement.
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.