Ongoing Monitoringand Review
Enhancing compliance: The power of automated screening system for ongoing monitoring
Ongoing monitoring involves regular checks to ensure clients meet the company's screening criteria. Automation includes monitoring any changes to a client's status, such as if they become a PEP or their RCA status changes. It's also important to monitor any changes to a client’s behaviour.
Regular reviews of client information and monitoring results should be conducted to ensure that the business is meeting regulatory requirements and minimizing all risks. In addition, training and education should be provided to staff to ensure that they understand the importance of ongoing monitoring and know how to identify and report any suspicious activity.
KYCOS Platform provides ongoing monitoring capabilities to help financial institutions stay compliant with regulations and detect any potential risks. Automation can flag any suspicious activity or changes in a client's status, making it easier for the institutions to take action if necessary. Human analysis can then be conducted to investigate and confirm any alerts the automated system raises.
Stay ahead with Automated compliance monitoring
The world of sanctions and PEP lists is always evolving, making it challenging to keep up. With our continuous compliance solution, you can rest easy knowing that your personal and commercial portfolios are screened daily, and any new hits are promptly reported. With just one click, you can quickly determine if conducting business with a customer is permitted.
Automated solutions of the KYCOS Platform play a crucial role in helping companies with ongoing monitoring by providing efficient and effective mechanisms for continuous observation, analysis, and detection of risks and anomalies.
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Real-time data analysis: automated solutions can analyze vast amounts of data in real that enables companies to detect and respond promptly to emerging risks..
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Rule-Based alerts and notifications: our automated monitoring can be configured with predefined rules and thresholds to generate alerts and notifications when specific risk indicators or anomalies are detected and ensure that businesses don't miss critical events or activities that require attention.
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Data integration and visualization: automated monitoring solutions of KYCOS can integrate data from multiple systems and sources, providing a holistic view of activities and risks. They can consolidate data, normalize formats, and present information through interactive dashboards or visualizations.
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Audit trail and reporting: our automated solutions can maintain a comprehensive audit trail of ongoing monitoring activities, including alerts generated, investigations conducted, and actions taken. This helps businesses demonstrate compliance with internal policies, regulatory requirements, and audit standards. Automated reporting features also facilitate the generation of regular compliance reports, providing stakeholders and regulatory authorities with visibility into the ongoing monitoring process.
The benefits of thissolution include:
Effortless compliance with a simple click
• Daily monitoring for ongoing peace of mind
• Stay on top of changes in sanctions and PEP’s lists
• Rapid and reliable determination of business eligibility
• No more manual checks or missed updates. With automated monitoring, you can
always be confident in your compliance status.