An international scourge
2024 was a prolific year for financial crime. According to Nasdaq'sGlobal Financial Crime Report 2024, more than $3.1 trillion in illicit funds passed through the global financial system in 2023. As for fraud and other banking scams, they would have generated $485.6 billion in losses. But this is just the tip of the iceberg. The true scale of the phenomenon is far greater, and is difficult to quantify due to the many crimes that go unreported or are simply undetectable with today's tools. In the face of this growing threat, it is becoming essential for organizations to strengthen their surveillance and anti-fraud arsenal.
The need for proper monitoring
Beyond the colossal economic losses, the human consequences of financial crime are just as dramatic. Faced with this omnipresent threat, companies - whether in the banking, insurance or other sensitive sectors - must constantly reinforce their monitoring and anticipation systems to counter criminal attempts and ensure their compliance. But the fight against money laundering and the financing of terrorismAML-CFT) is a real regulatory headache. The rules are constantly evolving, vary from country to country, and call for heightened vigilance. A case in point is TD Bank, which was fined a record $3.1 billion for violating a federal anti-money laundering law. One of the most severe penalties ever imposed on a financial institution!
AP Monitoring, a strategic ally in the fight against this scourge
More than just a checkbox in the compliance ledger, AML-CFT relies on a delicate balance: detecting illegal activity without unnecessarily blocking legitimate operations. And when you're juggling huge transaction volumes, ever-changing regulations and ever more ingenious fraudsters, the stress can quickly mount.
To meet these challenges, AP Monitoring has been designed as a real shield. Thanks to a powerful Augmented Intelligence engine, our solution offers companies enhanced visibility over their financial operations. AP Monitoring identifies, monitors and reports in real time any suspicious or atypical transactions, such as repetitive operations for amounts just below the reporting threshold, transfers to high-risk countries, or sudden changes in transactional activity, pointing out weak signals often invisible to conventional tools, to reinforce corporate security and compliance.
All types of scenarios can be configured in the tool to meet the specific needs of your business (Banking - Asset Management - Financial Institutions - Insurance, Provident Funds, Mutual Insurance & Brokers - Real Estate - Merchant Sites - Online Gaming...). Scenarios proactively identify red flags that might otherwise go unnoticed. They can detect suspicious transactions at an early stage, preventing the execution of financial transfers. Scenarios can also be used to define several degrees of severity for alerts, enabling operators to prioritize their treatment processes.
AP Monitoring avoids sleepless nights and surprise checks by regulators
Real-time detection & reduction of fraud attempts.
No need to wait for an alert or suspicion from the bank. AP Monitoring continuously analyzes transactions and immediately detects unusual operations.
A high-performance Augmented Intelligence engine.
Thanks to customizable scenarios and advanced analysis, AP Monitoring can spot anomalies that might otherwise go under the radar. What's more, you can regularly adjust the scenarios used or their parameters in line with changing risk patterns and feedback from past surveys.
Reduction of false positives.
No more false positives that paralyze teams. The tool adjusts severity levels and correlates information to refine the detection of very real frauds.
Correlation with customer base.
AP Monitoring doesn't just analyze a single transaction. It correlates the data with the customer base and other sources such as AP Scan (watch lists of sensitive persons and high-risk countries), AP Scoring ( AML-CFT risk assessment), or external sources that are essential against money laundering and financial fraud, to spot suspicious behavior before it's too late. These data can be combined with the various scenarios for greater relevance.
Simplified regulatory compliance.
Need to prove to an auditor that your system is up to scratch? AP Monitoring generates detailed reports and ensures that you are always in line with current regulations. The tool also keeps a history of alerts and Suspicious Transaction Reports (STRs) for analysis and adjustment of detection criteria.
As CFO or compliance officer, your role is essential: to protect your company's integrity, ensure compliance with current regulations and ensure that suspicious transactions do not go unnoticed. However, without the right tools, this mission is an insurmountable task. AP Monitoring is your strategic partner, enabling you to reduce risk and focus on your priorities.
Want to find out more? We'd love to hear from you!
