Monitoring

Understanding Monitoring in BSA/AML Compliance

Monitoring is a vital component within the framework of the US Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. Once initial checks on customers are completed, it is essential to continuously update your records. This ongoing surveillance ensures that your clients do not present a new or heightened risk to your business over time.

At AMLBuddy, we offer a distinctive daily monitoring service that enhances your compliance efforts. Our system screens your clients against the Dow Jones Factiva Watchlist every night. This comprehensive list incorporates data from over 1,100 global sanctions and Politically Exposed Persons (PEP) lists.

Our advanced monitoring technology not only detects potential risks but also automatically identifies false positives. This ensures that you are alerted promptly when further action is necessary, allowing your business to mitigate risks effectively and conform to regulatory requirements.

• Ongoing Risk Assessment: Regularly update customer records to identify any changes in risk status.
• Automated Screening: Daily checks against a wide range of sanction and PEP lists.
• False Positive Identification: Our system helps reduce unnecessary alerts, focusing only on genuine risks.

With our robust monitoring solutions, you can stay ahead of compliance challenges while protecting your business from potential threats.