An essential part of a risk and AML compliance solution is transaction monitoring – software designed to oversee customer transactions in real-time or on a daily basis, as well as detecting any possible risks hidden in business relationships. The need for a reliable compliance system is becoming more and more urgent in order to prevent financial crime and fraud from spreading, which means that transaction monitoring is now no longer optional but a necessity. Read on to find out more about AXON’s robust and seamless solution which monitors, reports, and alerts transactions.
The Importance of AML Transaction Monitoring
Ostensibly, an AML transaction monitoring system is to identify and prevent any ongoing transactions that may lead to fraud, financing terrorist organisations, and money laundering.
Proper risk analysis is carried out by using adequate KYC procedures to gather information, then AXON uses its rules engine to build scenarios for monitoring transactions. This is how AXON achieves full automation and a smoother transaction monitoring process.
Suspicious Information and Raising Alerts
When a suspicious transaction is identified, AXON is designed to alert the compliance team to review and reassess any potential risk. In doing so, it reassures companies and regulators by giving them extra confidence in their compliance process.
Advanced checks such as beneficiary monitoring is provided via access to watch lists and PEP’s whilst the system can also be customised to include validations and various AML checks.
If you’re interested in learning more about AXON’s AML transaction monitoring solution, contact Computime Software – developers of AXON Gaming. Don’t forget to follow us on Facebook, Twitter, Linkedin and Google+ for all our latest updates!