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What’s Going on in the World of Transaction Monitoring?

Bas Uildriks

Consultant and Transaction Monitoring Expert, Synechron , The Netherlands

Software Engineering

Transaction Monitoring (TM) is an important weapon in your fight against Financial Crime. After seeing dozens of implementations of TM systems, varying from good to adequate to a fear-mongering 1000-false-positives-per-day generating-machine, I would like to touch on a couple of insights.

There are multiple best practices and bad practices. For example, the assumption that using a smaller number of scenarios or rules will result in a reduced number of alerts (is simply a false assumption and a bad practice). But there are techniques that actually contribute to lowering false positives, like applying peer grouping in your customer groups, and creating backstop rules -- but only with a proper data analytics process to support this. 

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What’s Going on in the World of Transaction Monitoring?

The FinTech world is booming, but so is the payment landscape with the revised Payment Services Directive (PSD2) EU directive and Open Banking. Speed is of the essence, so it’s worthwhile to jump on the bandwagon!

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