This enables built-in transaction monitors to analyze and report on data elements from all modules including transactional, customer KYC profile data, watch list returns and payments data. The result is a 360-degree view of risk with account and transaction tracking monitors that can be easily visualized and actioned via dashboards, alert messages, case management escalation or drill-down reports.
Recent changes to legislation expects AML policies to implement risk-based approaches to compliance programs driven by best practice standards such as FATF's Risk Based Approach (RBA). FxOffice has built-in risk scoring that can calculate customer risk rating, transactional risk scores, country (geographic) risk and behavior pattern risk within a highly sophisticated and completely customizable risk scoring engine. Moreover, the risk scoring engines are capable of intervening workflow empowering compliance-centric operating framework.