Pitfalls To Avoid When Implementing an Automated Transaction Monitoring System

In an era of increasing regulatory scrutiny and sophisticated financial crimes, automated transaction monitoring systems (TMS) have become indispensable tools in the arsenal of financial institutions. These systems can enable real-time or near-real-time detection of suspicious activity across vast volumes of transactions, strengthening anti-money laundering (AML) defenses while improving operational efficiency. However, the success of implementing such systems is not guaranteed. Financial institutions frequently encounter challenges that lead to delayed deployments, cost overruns, or failure to meet regulatory expectations; challenges that can render the process inefficient and system use ineffective.

This paper explores the merits of automated TMS, the realities of system adoption, and critical pitfalls to avoid when procuring and implementing such solutions via third-party vendors.

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Pitfalls To Avoid When Implementing an Automated Transaction Monitoring System (TMS)