Clear Dynamics attends AUSTRAC RegTech Colab TechSprint
It is easy to forget the types of crime that can be on the back of transactions which occur with an organisation and their customers, drug-trafficking, money-laundering, human trafficking and terrorism financing are just a few.
What really stood out was that it doesn’t really matter what industry a Reporting Entity is operating within, the underlying causes of challenges were all quite consistent. As would be expected, technological advancement is providing new avenues for financial crime to take place and is making the ability to detect suspicious activity more difficult.
The only way forward to really achieve efficient governance operations in this space, which can scale effectively to cover the level of scrutiny required, is to use an automated solution to screen data and make initial assessments as well as scanning for outlier characteristics.
We gained deep-domain insights on the complexity of the rules now required to ensure effective screening while also remaining flexible, adopting additional criteria to capture new trends and emerging hot spots. Panelists shared the importance of considering the whole picture and not just a transaction in isolation when dealing with Suspicious Matter Reports as the more information captured in the report, the more effective the review outcomes are.
Reporting continues to be quite painful for Reporting Entities and the need to get automated reporting mechanisms in place is now greater than ever.
We appreciate the involvement in this TechSprint and look forward to using the information we gained to more effectively assist our clients create optimal solutions for their Transaction Monitoring and Reporting needs.