Correspondent Monitoring

Group-level monitoring of correspondent risks supports your AML and CFT compliance

Features of Correspondent Monitoring

Correspondent Monitoring is a new module of Compliance Analytics. It’s specifically designed to support the AML and CFT compliance needs of correspondent banking

Ensuring your correspondent relationships are compliant with AML and CFT regulations requires ongoing vigilance. Complex payment chains involving originating, beneficiary and counterparty banks call for a top-down, group level view and in-depth monitoring by your compliance teams.

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A top-down view and analysis of your global banking flows 

Correspondent Monitoring has been developed to meet this need by leveraging your SWIFT message data to provide unparalleled insights into your institution’s global banking flows.

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Activity profiling and reporting

Correspondent Monitoring can analyse your data using over 75 different metrics, combining general metrics (e.g. values, volumes, and behavioural comparison with past activity) with nesting (type, number of nested relationships, scale of services) and beneficiary metrics.

 

Reports may be generated at three levels of granularity:

  • Counterparty level
  • Nested relationship level
  • Message flow level

The reports can support ad hoc periodic KYC reviews of individual correspondents, or “thematic” activity reviews – for example, by country or currency – on a business as usual basis. 

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User-driven rules and alerts

You can tailor Correspondent Monitoring  and set rules using combinations of the activity metrics according to your institutional policies and risk appetite. Correspondent Monitoring will then alert you whenever a specified pattern occurs, allowing you to proactively investigate as required.

Risk scoring

Correspondent Monitoring also assigns a risk score to each flow based on aggregated risk factors defined by you. These factors may include, for example, country risk, the role of the banks (originator, beneficiary, intermediary), and nested relationships.

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Getting started with Correspondent Monitoring

Correspondent Monitoring is ideal for large clearers active as originators, beneficiaries or intermediaries in correspondent banking flows. It’s available to users of Compliance Analytics for an additional annual subscription fee.

Our compliance utilities are secure, SWIFT-hosted solutions – there’s no hardware or software to install or maintain on your side, so getting started is straightforward.

 
 

Once you’re signed up, we’ll provide the necessary onboarding, training and support to help you get started using the tool and to set up the risk scoring, rules and notifications in line with your institutional policies.

Contact us for more information.

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