Transaction Monitoring for Fraud Prevention, AML and CTF

Today’s financial system is interconnected and available in real-time more than ever before, a fact which makes Money Laundering and Terrorist Financing simpler than ever to perpetrate. Money Laundering is taking place at unprecedent levels and regulators globally are taking robust action, with total fines in amounting to $8.14 billion in 2020, and of those fines 36% of those relate directly to the absence of transaction monitoring.

The growing complexity of AML compliance means that firms are increasingly implementing technological solutions capable of managing the vast amounts of data that would otherwise be impractical for manual review.

Meanwhile, the consequence of financial crime is not only manifested in fines, financial crime causes material damage via payments fraud and account takeover.

Transaction monitoring software is traditionally startling expensive, at least until the release of Jube, from Kremowka, a financial crime prevention, AML and CTF advisory company. Jube, which is free software to undertake transaction monitoring for the purpose of compliance with AML and CTF. More information about Jube can be found on the Kremowka website where can be downloaded for free.

This course will explain the rudiments of financial crime prevention, AML and CTF and present a robust framework to achieve compliance using a data driven risk-based approach and free Jube transaction monitoring software.