What’s Going on in the World of Transaction Monitoring?
Authored by: Bas Uildriks, Consultant and Transaction Monitoring Expert, Synechron, The Netherlands
Transaction Monitoring (TM) is an important weapon in your fight against Financial Crime. After seeing dozens of implementations of TM systems, varying from good to adequate to a fear mongering 1000-false-positives-per-daygenerating-machine, I would like to touch on a couple of insights.
There are multiple best practices and bad practices. For example, the assumption that using a smaller number of scenarios or rules will result in a reduced number of alerts (simply a false assumption and a bad practice). But there are techniques which actually contribute to lowering false positives, like applying peer grouping in your customer groups, and creating backstop rules -- but only with a proper data analytics process to support this.
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