Computime Software’s Malta branch warns that anti-money laundering (AML) transaction monitoring can be strengthened with some elevated attention, such as deploying useful AML software and hiring and training compliance professionals, according to a blog entry by the company.
“Selecting the best AML solution plays a huge part in eliminating risks and protecting your business from being associated with illegal financial activity,” according to the Computime Software.
Using artificial intelligence (AI), AML software works to identify what deviates from the norm as defined by the programmed rules. As such, Computime software urges that the rules must be set up well, in order to filter out suspicious transactions.
Furthermore, the company says that if there are too few or too many alerts of possible suspicious activity based on the number of transactions, it might be a sign that the transaction monitoring system does not work as intended. Therefore, testing and tweaking the software is needed.
Nevertheless, Computime software notes that using the right technology solutions is useless on its own; the hiring of compliance officers with previous investigative and forensic accounting training, along with knowledge of the business line is crucial. It also must be accompanied by proper training to help them what to look for and how to correctly handle generated alerts.
“It is also vital to have a solid controls process, which involves superiors analysing and verifying the results of AML alerts,” the company’s blog entry underscores.