Why not monitoring transactions? AML part. 4

07 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.


What could be in the way of not monitoring transactions?

On one level it may be as simple as not enough visible enforcement by regulators, perhaps giving a sense that there’s little danger of being called to account. But as already discussed, that is becoming less and less the case. So, what else could be getting in the way?



The cost of compliance is mounting all the time, and for institutions without the balance sheet of the larger global banks, the cost of creating or implementing a high quality automated transaction monitoring process presents a challenge. Instead many choose to add more headcount to their compliance function. But is that sustainable in the long run? And does it bring any value in terms of efficiency or a safer system of monitoring? According to Thomson Reuters ‘Cost of Compliance Survey 2015’ there is, at least anecdotally, a genuine lack of good compliance skills in the marketplace. Meaning that the cost of skilled compliance professionals has also been driven up.


No complete solution available

To date there have been few automated solutions that would be meet all the demands of many compliance programmes. Given the potential cost involved, it’s easy to see why some may see it as a waste to invest in something which only solves part of the problem. And if it doesn’t tick all the boxes now, how will it keep up with future changes in regulation?


Lack of understanding

Responsibility for finding the right IT-based solution would usually fall with the IT department. But when looking at a solution for transaction monitoring or other compliance based processes then the expertise – and the understanding – of the compliance function is also needed. Feeling that they are not able to fully grasp the technology behind the systems, and trying to navigate what is something of an emerging market for this kind of technology, can be an additional stumbling block.


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.
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