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Zoe Allen

Finance professional with extensive experience in Anti-Money Laundering (AML)



Published Date

January 29, 2024


Blog / What is the role of ongoing monitoring in the AML industry?

12 min Read

What is the role of ongoing monitoring in the AML industry?

The growth rates of money laundering crime are increasing day by day. Organizations have to face a great amount of challenges due to the rise in fraudulent activities. But some organizations are staying secure against all the threats because they are adopting the latest trends such as seeking compliance and maintaining programs. The ongoing monitoring of AML operations is the best way to maintain compliance and transparency in the organization. Additionally, Ongoing Monitoring AML helps organizations to achieve business success securely and safely. In this blog, we will discuss what is ongoing monitoring in detail and how it is beneficial for organizations.

The AML compliance programs:

The maintenance of regulatory compliance is significant for the better functioning of the business operations in the organization and it can be achieved with the help of an ongoing monitoring process. Regulatory compliance can be maintained by mitigating all the risks and threats associated with the reputation of an organization. Many states are working at their best to win the long battle against money laundering. This is the reason that many compliance programs have been introduced and many organizations are adopting these programs. Organizations other than financial departments should also go for deep business monitoring. A research study was conducted to explore the innovation related to anti-money laundering adopted by FinTech organizations. The results of the study stated that banks and other financial organizations have adopted an AML law which highlights that organizations should ensure that their business operations function according to the AML laws that will help in maintaining compliance.

Some Organizations have to face serious impacts for not seeking the AML compliance programs.

Advantages of Ongoing Compliance Monitoring:

Ongoing monitoring has become a significant part of anti-money laundering operations. The ongoing risk monitoring process helps in the identification of any suspicious activity in the organization. The ongoing screening solutions help in making the organizations the safest place to work. Organizations should start adopting AML efforts in order to avoid all challenges and obstacles. A research study was conducted to explore the Anti-money laundering with the help of a two-phase framework. The results of the study stated that this newly developed framework helps organizations by making the AML detection process smooth. Additionally, the results of the study stated that this framework is the best way for the early and on-time detection of risks and threats related to money laundering.  Another research study was conducted to investigate whether the application of machine learning is helpful for combatting money laundering issues. The results of the study stated that financial institutions should work in accordance with international rules and regulations for a safe working environment. Additionally, the results also stated that all transactions should be monitored according to the requirements, and machine learning is one of the best ways to combat money laundering.  Let us discuss the advatages of different types of AML compliance programs.

The AML screening helps a large number of organizations with its outstanding techniques.

Watchlist Screening: The essential and basic watchlist screening helps in the deep investigation of all business operations. This type of AML screening can protect the organization by comparing the database of customers against the watchlist and sanctions lists. This practice will help in the KYC processes of organizations. The types of AML screening also help in the due diligence processes of organizations. Additionally, the Ongoing monitoring of the AML processes can detect the potential risks at the right time to avoid future challenges in business.  Furthermore, basic watchlist screening can easily protect organizations from indulging in financial crimes such as money laundering. When all the risks and threats are mitigated at the right time, organizations can easily achieve their business goals. Global watchlist screening is one of the excellent types of compliance monitoring programs that helps in the identification of any sanctioned individuals or organizations and also timely identifies the PEPs and everything related to them on a global level. The global watchlist screening also helps in the real monitoring process of all internal elements of the business organization. Risk monitoring is the process of saving the organization from building business relations with any suspicious individuals or entities. Additionally, a global watchlist helps the organization in exposing the illicit financial activities occurring in the past or any future risks and threats associated with the reputation of the organization. Furthermore, risks and threats are associated with the organization’s business operations, this is the reason that AML services have become an essential practice for protecting organizations against future obstacles.

PEP screening: PEP screening is also helpful in the Ongoing monitoring process. The PEP screening process helps the organization to stay clear against all risks related to PEPs. The deep monitoring of financial transactions helps in the identification of any risks and threats related to the business operations and these risks can be resolved on time. A research study was conducted to explore the risk mitigation strategies for the identification of PEPs. The results of the study stated some red flags for the identification of PEPs such as persons living out of their standards, exceeding financial statements, and any kind of suspicious activities.

Adverse media monitoring: Adverse media monitoring also helps in the AML compliance process. The adverse media monitoring primary goal is to protect the organization against reputational effects. The deep monitoring power of adverse media screening helps in destroying the conspiracy theories building against the organization. This type of AML screening helps in identifying the negative news related to the organization’s business operations. Additionally, adverse media screening also saves organizations against all legal threats. Organizations can avoid the high penalties with the assistance of adverse media screening services. Furthermore, this screening process helps expose the hidden truths of the organization that have been processed behind the wall for years. Organizations will also stay up to date with all the advanced technologies with the help of adverse media screening.

Sanctions screening: Sanctions list screening is a kind of AML screening that helps in the identification of individuals and organizations against watchlists, sanctions lists, and other databases related to watchlists. Additionally, sanctions and watchlist screening help protect the organization from initiating a business relationship with any sanctioned individuals and organizations. By incorporating AML efforts into the business organizations can also play their part in protecting the global economy. The AML compliance efforts help in securing the integrity of organizations because protecting the honor of business has become challenging due to the digital advancement and hype in financial crimes. The single monitoring process cannot help in the continuous advantages, for the constant benefits, organizations need to get engaged in ongoing criminal monitoring practices timely to avoid the problems of money laundering.

There should be proper management of the ongoing risk monitoring process of all financial activities of the organization. Because the monitoring of risks related to financial departments will help in saving the organization against financial loss. Sometimes organizations leave suspicious exercises unnoticed and in the future, these suspicious activities become major challenges. The monitoring of the financial department will detect any kind of illicit financial activity or money laundering crime at the right time by deep scanning of all financial transactions. Additionally, the monitoring process has the power to detect any suspicious activity in the behavior of customers. Effective business screening not only protects the organization from suspicious activities but also protects the organization against all illicit financial crimes. All the types of AML compliance screening are also essential for maintaining regulatory compliance with the business objectives. Organizations can achieve a safe and satisfactory working environment with the help of these AML compliance programs.

Best services by AML Watcher:

In today’s fast-paced world, organizations are facing high amounts of daily challenges. If you are struggling for protection in your business organization, you should seek a compliance program. The compliance program will help your organization to stay a step ahead of the fraudsters. Additionally, the compliance program will allow you to achieve new endeavors in your business with full protection if you go for ongoing monitoring of AML programs. The AML Watcher is helping numerous organizations with its outstanding services. The ongoing monitoring of compliance programs by AML Watcher can make the organization more secure. Organizations should be aware of what is ongoing monitoring by AML Watcher and how it is beneficial for business objectives. The adoption of compliance is the best way to maintain compliance in the organization. Ongoing monitoring AML also helps the organization to alleviate the illicit financial activities from the business working environment. The proper maintenance of compliance and transparency enhances the functioning of business organizations. Do not wait for the arrival of obstacles and contact us today to achieve a satisfactory work environment.

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