Significance of an AML Dashboard | SMART Infotech

It isn’t enough to simply set up an AML software. AML Compliance officers also need to verify that the software is operating efficiently & effectively. The AML-TRACE dashboard helps the officers accomplish just that.

The AML-TRACE dashboard acts as an early warning system when the configured anti-money laundering transaction monitoring model isn’t working properly or generating relevant results. As such, it is a necessary tool for the authorities concerned to proactively take steps towards changes to their institutions’ AML risks & AML model performance.

AML Compliance Program

Its benefits:-

• Get accurate findings after AML PEP screening

The dashboard improves the agility, efficiency, and effectiveness of the AML software. It shows accurate findings and thus gives alerts (if any) after the sanctions and PEP list screening processes. 

• Save company reputation

As potential illegal transactions are identified in advance, the company’s reputation gets saved from getting tarnished. Besides, you avert the possibility of paying hefty fines and reduce the risk of the stakeholders getting imprisoned. 

• Monitor for and raise alerts about risk profile changes

All AML risks keep changing in response to new regulations and to the changes in customer base, product & service offerings, & terrorist group & money launderer behaviors. Besides, as such changes are taking place rapidly, the auditors need to minimize anti-money laundering transaction monitoring risks on an ongoing basis.

• Updated data

The AML-TRACE dashboard offers up-to-date information to the stakeholders on the company’s current risks in a format that is easy to understand. Through this continuous monitoring, the firm’s AML risk indicators can be applied on time so that effective management is possible whenever there’s a significant threat to the bank’s risk profile. 

• Reduce risks

Once the directors and compliance officers examine the details of the change, they can determine what triggered it and take appropriate steps to minimize any increased AML risks.

• Identify potential risks

Typically, firms have several systems for AML compliance & monitoring, including transaction monitoring systems, customer due diligence, and sanctions screening systems & risk scoring systems. But these systems are prone to failure due to technical issues & human errors. Further, these systems need to be periodically optimized so that they maintain their efficiency. By monitoring the health and performance indicators, the AML-TRACE dashboard alerts compliance managers when potential issues are identified.

• Assess the configuration cost

When analyzing whether a risk configuration is optimized or implementing a new system or monitoring rule, auditors must know in advance the costs associated with the configuration (in terms of its effectiveness). The AML dashboard allows the management to examine the implications of incorporating certain system configuration changes & perform ‘what if’ analyses. 

• Know the system’s efficacy in real-time

Using the AML-TRACE dashboard, the compliance officers can conduct periodic examinations to confirm that the AML PEP Screening and other checks have been properly carried out to execute the brand’s AML processes. It enables the company auditors to understand and demonstrate how the AML models, systems, and processes are performing in real-time. The dashboard can also be used to demonstrate that there is effective monitoring of the system’s AML models.

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