Author: Jade ThirdEye – jadethirdeye.com
Levels of loan fraud in the UK increased by 40 per cent in the second quarter of 2021, reaching the highest level in three years, according to Experian. The NCA’s National Strategic Assessment 2021 warned, “Criminals are exploiting advances in technology to drive serious and organised crime, – with increased online usage leading to a rise in offending.” With financial crime on the rise, it’s never been more important to ensure that your AML/CFT programme is fit for purpose and is flexible enough to adapt to changing risks as they emerge.
When customers approach Jade ThirdEye it is usually because they have a desire to be as efficient and agile in their fight against financial crime as possible. A well supported and configurable AML/CFT system without hidden costs empowers organisations to be proactive in their fight against financial crime and better protect vulnerable customers.
So, what are financial organisations specifically looking for from their AML/CFT automated solution:
- Reduced time spent investigating non-suspicious activity
Time spent closing off false positives for transaction monitoring and customer screening alerts that fall outside of compliance jurisdictions or areas of risk is not only time lost in the detection of real threats and protecting vulnerable clients, but it’s not cost-effective and in excess is a sign that your system needs a review.
Jade ThirdEye enables financial organisations to easily select and filter watchlists from Dow Jones or Refinitiv World-Check appropriate to their risk profile and weight screening results so that only screening alerts relevant to the organisations risk profile are returned. Jade ThirdEye also undertakes an annual in-depth review with each organisation to understand which rules and alerts are producing good results and where time-consuming false positives could be reduced.
- The ability to respond quickly to new and emerging threats
With risk landscapes changing so rapidly it is imperative that any solution you choose is quickly and easily configurable to identify changing risks or specific patterns of transactions that could signal fraudulent behaviour.
Jade ThirdEye empowers organisations to change their transaction monitoring rules directly and respond quickly to new risks. For organisations that manage many reporting entities or other customers books, watchlist and transaction monitoring configurations can be fine-tuned specifically for each client’s needs.
Should assistance be required, the Jade ThirdEye team are on hand 24/7 to support with writing new rules, adapting existing rules or configuring watchlist screening as new risks emerge.
- Accessible and secure with no hidden/extra fees
Cloud-hosted software like Jade ThirdEye is quick and easy to implement. Securely accessible from different locations and more cost-effective than maintaining technology that runs on-premises; security, backup and disaster recovery are all covered by the host, and it is easy to scale up or down as required. Cyber Essentials Plus and ISO/IEC 27001 certification give added peace of mind that Jade ThirdEye adheres to the highest UK and internationally recognised information security standards. A clear monthly fee structure with 24/7 support including help revising or writing new rules, quarterly releases and an annual rules review are all included with Jade ThirdEye, meaning organisations can easily budget for the year without any surprises.