AML Monitoring

Automate ongoing AML compliance with continuous monitoring of your customer base against global sanctions, PEP databases, and adverse media sources.

Why Ongoing Monitoring?

Regulatory requirements mandate periodic re-screening of customers because:

• Sanctions lists are updated daily
• Individuals can become PEPs after initial screening
• New adverse media can emerge
• Customer risk profiles change over time

How It Works

1. Enable Monitoring

await fetch(`/api/v4/applicants/${applicantId}/enable-monitoring`, {
  method: 'POST',
  body: JSON.stringify({
    frequency: 'daily', // daily, weekly, monthly
    categories: ['sanctions', 'pep', 'adverse_media'],
    alertThreshold: 85
  })
});

2. Automated Screening

VeriPlus automatically re-screens monitored applicants:

• Daily: For high-risk customers
• Weekly: For medium-risk customers
• Monthly: For low-risk and PEPs (regulatory minimum)

3. Receive Alerts

Get notified immediately when:

• Applicant added to sanctions list
• New PEP designation
• Adverse media coverage appears
• Sanctions list status changes

Alert channels:

• Email notifications
• Dashboard alerts
• Webhook events (real-time)
• SMS (optional, premium feature)

4. Investigate and Resolve

Review each alert and take action:

• True Positive: Take remedial action (freeze account, enhanced DD, exit customer)
• False Positive: Dismiss alert with documentation
• Uncertain: Escalate to compliance team

Monitoring Frequency

1 Credit Per applicant per month

Alert Management

Alert Types

New Sanctions Hit

⚠️ CRITICAL ALERT
Applicant: John Smith
Date: 2024-01-15
Change: Added to OFAC SDN List
Reason: Financial fraud
Action Required: Immediate review

PEP Status Change

ℹ️ MEDIUM ALERT
Applicant: Jane Doe
Date: 2024-01-10
Change: Appointed as Government Minister
Previous: Private citizen
Action Required: Enhanced due diligence

Adverse Media

⚠️ HIGH ALERT
Applicant: Robert Johnson
Date: 2024-01-12
Change: New adverse media coverage
Source: Financial Times
Topic: Money laundering investigation
Action Required: Investigate and assess

Alert Resolution

For each alert, you must:

1. Review the Alert

   • Read the details and source information
   • Compare with original screening results
   • Assess severity and urgency

2. Investigate

   • Verify it's the same person (not a false positive)
   • Research additional sources
   • Review customer relationship and transaction history

3. Take Action

   • High Risk: Freeze account, file SAR, exit customer
   • Medium Risk: Enhanced monitoring, transaction limits
   • Low Risk: Document and continue monitoring

4. Document Decision

   • Record investigation findings
   • Justify your decision
   • Maintain audit trail

Monitoring Configuration

Customizable Parameters

• Categories: Choose which lists to monitor
• Threshold: Set match confidence level
• Frequency: Daily, weekly, or monthly
• Alert Channels: Email, dashboard, webhook, SMS
• Auto-Resolution: Automatically dismiss low-confidence alerts

Monitoring Templates

Create templates for common scenarios:

Template: High-Risk Customer

{
  "frequency": "daily",
  "categories": ["sanctions", "pep", "adverse_media"],
  "threshold": 70,
  "alerts": {
    "email": true,
    "webhook": true,
    "sms": true
  }
}

Template: Standard PEP

{
  "frequency": "monthly",
  "categories": ["sanctions", "pep"],
  "threshold": 85,
  "alerts": {
    "email": true,
    "webhook": false
  }
}

Compliance Features

Audit Trail

Every monitoring event is logged:

• Initial monitoring setup
• Each automated screening
• Alert generation
• Alert resolution and decision
• Monitoring disablement

Regulatory Reporting

Generate reports for:

• All monitored customers
• Alert history
• Resolution actions
• Compliance metrics

Export formats:

• PDF reports
• CSV data exports
• API access to full history

Best Practices

1. Monitor all PEPs - Regulatory requirement in most jurisdictions
2. Set appropriate frequency - Daily for high-risk, monthly for others
3. Respond to alerts promptly - Delays can violate regulations
4. Document all decisions - Required for regulatory compliance
5. Review monitoring effectiveness - Quarterly review of alert accuracy
6. Train compliance team - Ensure proper alert handling procedures

Cost Optimization

Strategies to reduce monitoring costs:

1. Risk-Based Frequency: Daily only for high-risk, monthly for others
2. Selective Categories: Sanctions for low-risk, full suite for high-risk
3. Disable for Exited Customers: Stop monitoring when relationship ends
4. Bulk Operations: Enable/disable monitoring in batches
5. Review Effectiveness: Disable for customers consistently showing no hits

Integration

Webhooks

Receive real-time alerts:

// Your webhook endpoint receives:
{
  "event": "aml.alert.created",
  "alertId": "alert_abc123",
  "applicantId": "app_xyz789",
  "severity": "high",
  "category": "sanctions",
  "match": {
    "score": 95,
    "source": "OFAC SDN",
    "reason": "Added to sanctions list"
  },
  "timestamp": "2024-01-15T10:30:00Z"
}

Dashboard Alerts

Alerts appear in:

• Dashboard notification centre
• Monitoring page alert list
• Applicant detail page
• Email notifications

Next Steps