FINTRAIL optimises nsave's transaction monitoring system for enhanced AML compliance and efficiency
Context
FINTRAIL was engaged by nsave, a Swiss e-money institution that provides offshore accounts for people from unstable economies, to assess their proprietary transaction monitoring system. The project included suggesting a list of transaction monitoring rules and testing the in-house system using test data to check if the new transaction monitoring system was fit for purpose prior to implementation.
Solution
FINTRAIL devised a comprehensive set of scenario-based rules to align with the company's financial crime standards, risk appetite and regulatory obligations in both Switzerland and the EU. These rules were meticulously developed and rigorously tested in the in-house transaction monitoring system using a variety of datasets, and refined to ensure optimal performance.
We presented the client with detailed findings including actionable recommendations for enhancement and implementation support.
Outcome
✓ The client received guidance on configuration to ensure the rules are operationally efficient and do not create significant false positives, ensuring the efficient and effective operation of the new tool.
✓ The client has received a scenario-based rules set aligned with AML regulations and additional guidance available within the applicable jurisdictions, that meaningfully mitigate the specific financial crime risks the company is exposed to.
Why FINTRAIL?
FINTRAIL’s experts have first-hand experience managing transaction monitoring processes in-house and have a wealth of practical experience and knowledge. Our team is well-versed in regulatory requirements, industry best practices, and innovative approaches to managing financial crime.
FINTRAIL takes a holistic approach to transaction monitoring, integrating agile and data-driven methodologies to design tailored solutions that align with our clients' specific needs, operations and risk appetites.
We collaborate closely with compliance officers and other stakeholders to develop robust monitoring frameworks that detect and mitigate potential risks effectively.
“FINTRAIL offered us really valuable support at an early stage of setting up our compliance programme. Navigating the needs and requirements of a new start-up and the unique nature of our business model was not easy, but FINTRAIL was very adept at adapting to our needs and the nuances of this project. Throughout the entire process, FINTRAIL proved to be accommodating and reliable partners.
Their team of specialists demonstrated a deep understanding of both regulatory requirements and also practical operational considerations, really listening to us to offer a tailored solutions that fit our specific needs. They ensured that every aspect of the transaction monitoring programme was meticulously crafted to enhance our operations and meet compliance standards.
Thanks to FINTRAIL we’re now confident that the transaction monitoring programme we built both safeguards our business and also empowers us to grow. We wholeheartedly recommend FINTRAIL to any company seeking expert guidance and a personalised approach to their consultancy needs.”