AML (anti-money laundering) and KYC (know your customer) compliance programs that solely focused on monitoring a financial institution’s or firm’s immediate relationships and transactions amongst direct customers, correspondent banks, vendors, and other similar relationships is a thing of the past. Regulators are now looking for enhanced due diligence on “pseudo customers,” your customers’ customers who are transacting through correspondent accounts residing at your institution. These include the transactions originators, beneficiaries, originator banks, beneficiary banks, and intermediary correspondent banks across all of a bank’s funds transfers.
RDC Event Monitoring Expands AML/KYC Programs
RDC can quickly, efficiently and cost-effectively expand your AML/KYC compliance program to meet these new global regulations to review and monitor all direct and indirect relationships throughout the transaction lifecycle. The RDC Event Monitoring solution will provide comprehensive research that results in productive risks alerts and improved transaction monitoring of all counterparties.
RDC Event Monitoring Advantage
- Accommodate Increased Screening Volumes –Review millions of transactions a month that will evolve from monitoring pseudo-customers and counterparties.
- Data Quality/Completeness – Improve client onboarding through adequate data, de-duplication and refined filtering that will deliver precise and sound risk alerts.
- Expanded Depth of Screening – Go beyond screening against sanctions and PEP lists to include adverse media and other global watch/debarment lists, all while reducing your compliance workload.
- Prioritized Risk Screening Results – Based on your risk policies, return what is most important to you first.
- Additional Manual Analyst Review – Screen and monitor increased transaction volumes accurately and succinctly with RDC’s analyst experts without the need to increase your own headcount.