Supporting effective AML compliance AML part. 5

18 November 2016

Via several posts ComplianceWise will guide you through the AML/Transaction Monitoring landscape. We will give a complete view of Transaction Monitoring. This complete view contains insights from background to future, from measures to solutions and from rules to behaviour.


Starting with a change in culture

Thomson Reuters cite a CEB survey in their ‘Compliance Trends of 2015’ where 58% of respondents viewed ‘building a culture of corporate integrity’ as one of the key goals of their compliance programme. And indeed this is, as it should be, high on the agenda of management and boards of financial institutions and corporates alike.

“Ultimately, we need more individual accountability. Good corporate governance is forged by the ethics of its individuals. That involves moving beyond corporate ‘rules-based’ behaviour to ‘values-based’ behaviour. We need a greater focus on promoting individual integrity.”

Christine Lagarde, managing director, International Monetary Fund, during a conversation with Janet Yellen, chair of the Board of Governors of the Federal Reserve System (May 2015)

But beyond the culture, critical to the success of any compliance program is having the right resource to support the processes which take place.


Making the most of technology

‘Lobby Hard for Effective Technology’ is recommended by Deloitte as one of ‘Eight Ways to Move Toward a Culture of Compliance’. But how do you ensure that you implement a solution that fully meets your needs? Starting from a place of compliance first and foremost: at the very least the right solution ensures that you are able to comply fully with regulatory requirements. That means tracking, integrating and properly archiving information all the way from initial client acceptance to ongoing transaction monitoring. Also ensuring your solution is agile and configurable enough that it not only fits your business and the requirements placed upon it, but that it can easily adapt to changes in regulation.

But there is so much more to gain from employing the right technology than merely adhering to good compliance.


Unparalleled insights into your business

Obviously, automation offers huge opportunities in increasing efficiency. Take away long manual processes and you free up time and may even save on the cost of human capital. But a huge advantage in automating transaction monitoring is the insight it can provide into your business as a whole. The right solution can integrate and track information from all compliance processes, providing live reporting into the activities of your business around the world via an interactive dashboard. The underlying raw data can also be gathered and turned into business insights that can be used to support management decisions and support strategic planning.


ComplianceWise thinks compliancy should be easy. We’ve teamed up with bank messaging provider SWIFT to create a  transaction monitoring solution, a transaction monitoring system which takes the pain out of AML compliance, and turns data into valuable insights.

Do you have any questions, or would you like to know more? Call Jeroen Cremer:
+31 6 20 11 79 08

Jeroen Cremer

Commercial Director

Our goal is to make compliancy as easy as possible.
With ComplianceWise you become easily compliant, effective in control, and excellent in strategic management. We help you to control risk, save money, and improve performance by using our IT application; ComplianceWise360˚.
KYC | CDD | AIFMD | FATCA | AML / Transaction Monitoring | Payments