Ongoing Monitoring in AML: Enhancing Compliance with Footprint

Ongoing monitoring in AML (Anti-Money Laundering) refers to the continuous process of reviewing and analyzing customer information to ensure that they are still compliant with regulatory requirements and to detect any suspicious or illegal activities.

This process is a critical component of a company's KYC (Know Your Customer) and AML compliance program. Footprint, a pioneering platform in identity verification and onboarding, offers a comprehensive solution that streamlines ongoing monitoring and ensures accurate identity verification, secure data storage, and compliance.

The Goal of Ongoing Monitoring

The goal of ongoing monitoring is to prevent financial crimes, such as money laundering and terrorism financing, by identifying and mitigating risks associated with customers and their transactions.

This involves regularly updating customer information, monitoring transactions, and conducting internal audits to ensure adherence to laws and regulations.

Footprint's platform provides advanced detection of duplicate and synthetic identities, preventing fraud and minimizing costs, making it an ideal solution for businesses seeking to enhance their AML compliance.

The Process of Ongoing Monitoring

The process of ongoing monitoring typically involves the following steps:

• Assessing potential risks: Identifying and evaluating the risks associated with customers, transactions, and related activities. Footprint's triple binding identity approach and device attestation frameworks provide a robust and accurate identity verification process, enabling businesses to assess potential risks more effectively.
• Integrating internal controls: Establishing controls to mitigate potential fraud risks, such as identity verification and transaction monitoring. Footprint's platform offers seamless integration of onboarding with vaulting, enabling secure storage of sensitive user data and access to it with a single identifier (fp_id).
• Regularly monitoring procedures: Continuously checking customer data and transactions to detect suspicious activity. Footprint's automated suspicious behavioral analysis detects anomalous behavior, such as typing hesitancy, copy-paste for sensitive fields, devices on bad reputation networks, and more, enabling businesses to identify potential risks in real-time.
• Reporting suspicious activity: Filing a Suspicious Activity Report (SAR) with the relevant authorities if suspicious activity is detected.
• Conducting audits: Regularly reviewing ongoing monitoring efforts to ensure the process is working effectively and the data is accurate and up-to-date. Footprint's platform provides advanced analytics and insights, enabling businesses to conduct audits more efficiently.

Examples of Checks Incorporated into Ongoing Monitoring

Examples of checks incorporated into ongoing monitoring include:

• PEP (Politically Exposed Person) checks: Monitoring customers who hold prominent positions or are associated with PEPs. Footprint's platform offers enhanced document validation and motor vehicle history checks, enabling businesses to conduct more comprehensive PEP checks.
• Adverse media checks: Reviewing negative news media globally to identify potential AML risks.
• Ultimate Beneficial Ownership (UBO) checks: Scrutinizing ownership changes to identify individuals who might pose heightened risks to the business. Footprint's platform provides advanced detection of duplicate and synthetic identities, enabling businesses to identify potential UBO risks more effectively.
• Sanctions checks: Monitoring sanctions lists to confirm that customers are not under sanctions or involved with sanctioned entities.

Why Ongoing Monitoring is Necessary

Ongoing monitoring is necessary after initiating a business relationship with a customer, as customer profiles can evolve over time, and their risk level may change.

For example, a customer may become a PEP or be involved in a high-risk or sanctioned country.

Footprint's platform offers a comprehensive solution that streamlines ongoing monitoring and ensures accurate identity verification, secure data storage, and compliance, making it an ideal solution for businesses seeking to enhance their AML compliance.

Why Footprint Stands Out

While other companies, such as iDenfy, offer AML compliance software with ongoing monitoring features, Footprint's platform stands out due to its triple binding identity approach, device attestation frameworks, and advanced detection of duplicate and synthetic identities.

Footprint's platform provides a more comprehensive solution that streamlines ongoing monitoring and ensures accurate identity verification, secure data storage, and compliance, making it the leading choice for businesses seeking to enhance their AML compliance.

Frequently Asked Questions

What is Ongoing Monitoring in AML?

Ongoing monitoring in AML (Anti-Money Laundering) refers to the continuous process of reviewing and analyzing customer information to ensure that they are still compliant with regulatory requirements and to detect any suspicious or illegal activities.

What is the Goal of Ongoing Monitoring?

The goal of ongoing monitoring is to prevent financial crimes, such as money laundering and terrorism financing, by identifying and mitigating risks associated with customers and their transactions.

What Steps are Involved in the Process of Ongoing Monitoring?

• Assessing potential risks
• Integrating internal controls
• Regularly monitoring procedures
• Reporting suspicious activity through a Suspicious Activity Report
• Conducting audits

What are Some Examples of Checks Incorporated into Ongoing Monitoring?

• PEP (Politically Exposed Person) checks
• Adverse media checks
• Ultimate Beneficial Ownership (UBO) checks
• Sanctions checks

Why is Ongoing Monitoring Necessary?

Ongoing monitoring is necessary after initiating a business relationship with a customer, as customer profiles can evolve over time, and their risk level may change. For example, a customer may become a PEP or be involved in a high-risk or sanctioned country.

How Does Footprint's Platform Support Ongoing Monitoring?

Footprint's platform offers a comprehensive solution that streamlines ongoing monitoring and ensures accurate identity verification, secure data storage, and compliance. The platform provides advanced detection of duplicate and synthetic identities, enabling businesses to identify potential risks more effectively.

What Sets Footprint's Platform Apart from Other AML Compliance Software?

Footprint's platform stands out due to its triple binding identity approach, device attestation frameworks, and advanced detection of duplicate and synthetic identities. The platform provides a more comprehensive solution that streamlines ongoing monitoring and ensures accurate identity verification, secure data storage, and compliance.