Setting up an effective Anti-Money Laundering programme involves more than just choosing the right rules for transaction monitoring and customer screening. It requires a comprehensive approach that considers every aspect of your system, from data quality to rule configuration. In this blog, we’ll explore how to ensure your transaction monitoring and customer screening processes are not only aligned with regulatory expectations but also tailored to the unique needs of your business.
A key factor in making these systems work seamlessly is data quality. While it's always ideal to have clean, accurate data, the reality is that poor data doesn’t mean your system will fail. However, it does require a more thoughtful approach to data handling. Failing to do so can lead to excessive false positives—or worse, missed suspicious activities. You can read more about the role of data in this process in our related blog post: Data Quality: A critical aspect of your AML programme.
Furthermore, it’s the AML team that needs to be aware of the data quality, not just the IT team. The first step in a Jade ThirdEye implementation project is to run a data workshop to clarify what data is needed for effective transaction monitoring and to assess its quality. Jade ThirdEye has a flexible data model to enable you to load the properties that you need. Whilst the main requirement of the data is that it is needed for rules to detect suspicious behaviour, further data properties may be loaded to help with reviewing the customer’s full behaviour or for reporting to AUSTRAC or the New Zealand FIU.
The other key initial task is a rules workshop. During this, we will work with you to translate the risks that you have identified in your risk assessment into transaction monitoring rules. This step relies on the data that you intend to load and provides feedback into the data discussion. We have experience working with various businesses and can bring suggested rules to the workshop as a starting point for discussion. The output of the workshop will be a definition of the specific rules that you need for your business. Regulators and auditors are very clear that the rules should be specific to your business and not a set of generalised rules provided by a supplier. Jade ThirdEye provides you with the tools to test and review rules, and our implementation team will work with you to test all the rules before receiving your sign off to go live.
Screening customers against a global watchlist for PEPs and sanctions is another key task during the implementation project. We will help you configure the settings so that you identify customers who are on the watchlist without getting too many false positives.
A tool is only as good as the people using it. You have the knowledge of your business and processes and we have the knowledge of how Jade ThirdEye works. By working together, we ensure that you are set up to use Jade ThirdEye successfully in your business. What’s more, we don’t stop supporting you once you have gone live. Our team is always on hand to provide advice when you need it. We also perform a review of your rules three months after go-live and annually thereafter, to help you keep your rules working effectively.
We typically allow three months for implementation of Jade ThirdEye. This allows you sufficient time to get your data sorted, create and test rules and confirm other configurations. It’s long enough to allow you some time to think, but short enough that you have to concentrate on the job.
To ensure the success of your AML programme, it’s essential to take a thoughtful, systematic approach from the very beginning. By focusing on data quality, tailoring rules to your specific risks, and collaborating with a team that understands your unique needs, you’ll be well-equipped to meet both regulatory requirements and operational goals. At Jade ThirdEye, we partner with you throughout the entire implementation process and beyond, providing ongoing support to refine your system and keep it running smoothly. With the right foundation in place, you can confidently safeguard your business against financial crime.