- Account Monitoring Must Be Top Priority
The continuous monitoring of high-risks account should be a top priority. You need to put in place adequate measures to detect suspicious transactions.
This includes both automated and human detection systems. If you detect a breach in your risk-based policy, your investigation process should be prompt and well-documented.
- Develop a Culture of Compliance
The importance of compliance cannot be overstated, just like the risk of compromise on your colleagues part. Developing a culture of compliance eliminates the risk of corruption within your company.
The team should not ignore obvious violations or suspicious activity because the client generates huge revenue for the company. You should never compromise on your EDD procedures because the regulator's penalty for poor diligence on your part greatly outweighs any profit a customer brings.
- Coordinate Your Information Sharing
Your compliance team needs to be informed of risks and processes throughout the organization. Otherwise, violations may go undetected and unreported.
Integrating systems that handle different customer data can help you effectively notice suspicious trends.