Knowledge base

AML transaction monitoring solutions

AML transaction monitoring solutions are software tools that enable VASPs to monitor their transactions in real-time and detect suspicious or unusual activity that may indicate money laundering or other financial crimes. These solutions analyze transaction data, such as the amount, frequency, and location of transfers, to identify patterns or anomalies that may indicate illicit activity.

AML transaction monitoring solutions use a combination of rule-based and machine learning approaches to detect suspicious activity. Rule-based approaches use predetermined rules and scenarios to identify known patterns of illicit activity. Machine learning approaches use algorithms to identify new and evolving patterns of illicit activity based on historical transaction data.

When suspicious activity is detected, AML transaction monitoring solutions generate alerts that prompt further investigation by VASP compliance staff. These solutions help VASPs meet their regulatory obligations by providing a comprehensive and automated system for monitoring transactions and detecting potential financial crimes.