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AML monitoring

FA Anti-Money Laundering (AML) monitoring helps you detect potential money laundering attempts by flagging unusually large transactions and sets of transactions where a large trade amount is spread out over several transactions within a short period.

Set up AML monitoring

To set up AML monitoring, do the following:

  1. Go to Tools → Administer → Compliance settings.

  2. Open the AML monitoring tab.

  3. Fill in the fields:

    • Currency: The currency code (for example, EUR) for defining the thresholds for transactions that should be flagged.

    • Period (days): The number of days to consider when summing up the total transaction value for a contact.

    • Threshold per transaction: The threshold for individual transactions.

    • Threshold for summed transactions: The threshold for the sum of transactions within the specified period.

    • Transaction types to monitor: Transaction types to consider when monitoring (for example, deposit).

  4. Click Done.

Add contact-specific thresholds

You can define contact-specific thresholds, for example, for customers who often transfer large sums of money:

  1. In the Contacts view, select a contact to add thresholds for and open the Contact window.

  2. In the Anti-money laundering thresholds tab, define the thresholds and period. Contact-specific thresholds are defined in the portfolio currency.

  3. Click Save & close.

Run AML check

To run an AML check, do the following:

  1. In the Transactions view, search for transactions to include in the AML check. Choose a long enough period for the check. For example, to run a check for the sum over 30 days, you need to perform a search for at least the last 30 days.

  2. Click AML monitoring at the bottom of the view.

The system tags transactions that breach the thresholds with Compliance-AML breach and notifies you when the check is complete. The system ignores transactions tagged with Compliance-AML breach, Compliance-Override, or Compliance-Checked in subsequent analyses. You can use these tags to confirm that a breached transaction is verified and handled according to your processes.

To get a summary of the AML check results in the Tasks view, search for a task called Anti-money laundering results. The task is under All tasks if the system found breaches, and under All completed tasks if the system found none.

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