Transaction Monitoring - A Critical Business Requirement
Any organization that is serious about its governance, risk and compliance activities understands the importance of transaction monitoring. This is more so in today's business environment where financial crimes are easily perpetrated under various guise.
The ability to combine Know Your Customer (KYC) and Anti-Money Laundering (AML) monitoring with the regular transaction monitoring turns the transaction monitoring system into a highly efficient machinery that can throw up risks that may be present in your business transactions and relations.
As the European Union and indeed the world begins to pay closer attention to issues relating to money laundering and terrorist financing, issues of KYC and transaction monitoring have become front-burner issues which no business should take lightly.
Claims of ignorance of sources of financing, customer profile, where the money is coming from and where the transaction is terminating are no longer tenable by businesses. Many businesses have come under serious investigation and even suffered severe sanctions because they were found to have been used as channels to fund terrorist activities.
Claims of ignorance can no longer be tendered by any business today as relevant authorities have consistently updated their directives so that businesses are now saddled with an increased responsibility to better monitor their transactions and report anything that looks suspicious for further investigation.
If transaction monitoring was important before, it is even more so now which is why every business should ensure it has in place the right system to help it properly monitor every transaction.
Choosing the Right Transaction Monitoring System
Given the importance of a robust and fully functional transaction monitoring system that will not only help businesses monitor their transactions for money laundering, anti-terrorist financing, market abuse and other suspicious activities but also enable them stay compliant with various regulatory requirements, many businesses have gone all out to find a system they can truly count on regardless of cost.
There are a number of systems offered for this purpose out there. Before making a choice, know the different regulatory requirements that you need to comply with and be sure that the system being offered you can indeed meet those requirements.
One such system is the InstantWatch Market offered by Trapets AB. This is an independent European platform that is currently making waves in the securities market surveillance industry in Europe. This platform offers an automatic analyses of several financial transactions, orders, trades and more from any number of different sources and based on a pre-configured set of rules.It issues alerts when it finds any transaction that appears suspicious, requiring further investigation.
This platform is very robust and can have added functionalities that allow for compliance with Markets in Financial Instruments Directive (Mifid 2), Markets in Financial Instruments Regulation (MiFIR) and Money Abuse Regulation.
The platform comes with a bouquet of tools that make it easy not just to identify suspicious transactions but also to carry out further investigations and then finally to forward any necessary reports to the appropriate authorities.
This is the ideal transaction monitoring system for any business that is serious about monitoring its transactions and staying compliant with various regulatory directives in Europe. Even as these directives get reviewed and updated, the platform also has room for updates to accommodate the updates.
Give your transaction monitoring that extra edge it requires to perform and keep your business continually compliant with the InstantWatch Market surveillance and compliance system from Trapets AB.