Embed your team's experience
Every financial institution today must have an anti-fraud and anti-money laundering compliance team in place. This compliance team is there to ensure that risk is assessed and that specific types of transactions are reviewed for compliance. When setting up Surveillant for the first time, use the compliance team to help create the questions that will be used for scorecards in addition to transaction monitoring criteria.
Conduct surveillance using lists.
Surveillant's watch list feature allows you to flag customers or third parties that you want to monitor more closely. As an example, if a particular lawyer was associated with two fraud cases in the past few years, but never charged, you could choose to monitor that lawyer more closely than other third parties. The watch list then enables the compliance team to become aware when a flagged customer or third party becomes linked to a new financial instrument.
Turn on automated nightly scanning.
Today's money laundering criminals will sometimes deploy a network of people to perform transactions that, by themselves, are not suspicious, but for a given financial instrument in a specific time period could be deemed suspicious. For example, if there are eight deposits of $2,000 made at eight different branch locations into one account, these transactions, by themselves, would typically not be deemed suspicious. If you have configured Surveillant to watch for any deposits in aggregate of over $10,000, Surveillant will then flag this type of activity. You can instruct Surveillant to detect any number of activities (with specific threshold amounts) for any loan, retail, investment, or term deposit account.
Automate suspicious transaction submissions.
During any given week or month, there may be a number of suspicious transactions highlighted by Surveillant. Depending on the financial institution's policy, these transactions can be submitted on a daily, weekly, or monthly basis. At this time, it is common for most regulatory agencies to expect this type of reporting on a monthly basis. Portfolio Plus Surveillant automates this reporting to FINTRAC so all suspicious transactions can be reported at once.