Determining whether an alert is a false positive or the activity is unusual and reportable can be time-consuming and data-intensive. Financial institutions need to balance the requirement to block relevant payment messages with the high costs and risks associated with manual progressing of alerts. In order to improve the alert investigation process, we can:

• Review the efficiency and effectiveness of the alert investigation process

• Test the consistency of decisions made by operators.

• Develop additional automated rules to eliminate false positives.

• Supplement Know Your Customer (KYC) due diligence

• Perform complex data analytics, trend analysis and data mapping around transactions and account activities

• Recover and extract forensic data

• Conduct substantiation checks of investigation procedures and SAR procedures

• Implement post-regulatory action requirements, such as remediating non-compliant KYC and transaction files