Suspicious Transaction Monitoring - Following the Money Trails
Money is the most important token of the economy that needs to be managed and tracked properly. One part of money is
compliance and other is risk management process. It helps one to know how and in which direction the money is flowing. Wherever money transactions are involved, there is a risk of fraud or other financial crime involved. To tackle such situations, many start-ups have emerged with transaction monitoring technology and risk management solutions. Their platforms consist of ways for suspicious transaction monitoring. The firms should have risks analysis framework and a strong risk mitigation process based on technologies like AI, blockchain, etc.
Listen to this incredible podcast by Startup Instinct that emphasizes the importance of money and compliance risk management systems. It features Shub Nandi, CEO and Co-Founder of PiChain who expresses his thoughts on regulatory risk management. The discussion revolves around how organizations are getting affected by compliance irregularities. It covers how various tech start-ups design risk management processes to reduce them.
Focusing on different perspectives and experiences of start-up entrepreneurs, Zaeem Rehman, host of Startup instinct aims to bring in fore their journey to build a startup. The discussions are meant to understand the ups and downs involved in it. This podcast also motivates one with innovative ideas and guides them to the correct path. It covers people from all genres of industries starting from business CEOs to content and many others.
Discussing the experiences and learning, it moves on to Shub’s take on suspicious transaction monitoring, risk management services and financial fraud detection to which he is devoted to solving. He discusses the cause and vulnerabilities that open up scope for Money Laundering. The evolution of SAR reporting system has eased the transaction monitoring process hence developing robust risks analysis framework.
The conversation also explains the psychology behind money investments and use of international banks impacting Money Laundering activities around the world. We also get an insight into how the transaction monitoring technology helps to keep a track on money circulating inside a company. This technology helps in suspicious transaction reporting and helps in risk mitigation process. It covers how the regulations establish a self-sustainable country.
We get to see some really shocking global statistics that leave us with a thought of the role played by risk management technology. Money is required to run a country and the economy which is bound to be affected by the changes in laws governing it. To have a better understanding of how the SAR activity report controls illicit money, click on below.