Monmouthshire Building Society chooses efficient transaction monitoring

Cost-effective and configurable transaction monitoring

Monmouthshire Building Society was founded in 1869 in Newport, Wales, to help local people build homes. It now assists people across England and Wales in buying properties and saving for their future. The Society has been serving its members for over 150 years. They have over 80,000 members, the majority of whom are savings members, but Monmouthshire Building Society also provides mortgages and other financial services.

Transaction monitoring is a legal and regulatory requirement for regulated financial firms. Although Monmouthshire Building Society had a system in place, it was not providing the efficient or timely outcomes that the Money Laundering Risk Officer (MLRO) or Financial Crime team desired.

Monmouthshire Building Society looked at several providers but ultimately turned to ThirdEye for a cost-effective and configurable transaction monitoring system that enabled daily monitoring of alerts, reduced the number of false positives, and allowed their team to produce the appropriate reports quickly and easily, putting them in a better position to protect their members from being victims of financial abuse, protect the most-vulnerable customers, and raise suspicious transactions to the relevant authorities.