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Ongoing Customer Monitoring

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  1. Financial Services
  2. Ongoing Customer Monitoring
Scenario:
2
Situation:
The bank needs to perform regular compliance checks on existing customers to ensure ongoing adherence to AML regulations.

Use of aml.plus:

  1. Daily Sanctions Checks: The bank sets up regular (daily) sanctions checks using aml.plus to automatically screen customers against updated sanctions lists. Any matches are promptly reported, allowing the bank to take necessary action.
  2. Risk Assessment Updates: Periodically, the bank reassesses the AML/CTF risk of its customers using aml.plus tools, reviewing their activities to identify any changes in risk profile.
  3. Media Analysis: The bank continuously monitors media for any new information that could impact a customer’s risk profile, ensuring that any emerging reputational risks are identified and managed promptly.
  4. Documentation and Reporting: aml.plus helps maintain thorough documentation of all compliance checks and actions taken, which is crucial for audits and regulatory reporting.