4 Key Factors to Consider Before Building an In-House AML Transaction Monitoring Solution

AML transaction monitoring is getting more challenging by the day. It is hard for manual, labour-intensive compliance processes to keep up with the rapid growth of the iGaming industry – not to mention the ever-changing global regulatory expectations. Our team at Computime Software outline some key reasons more and more companies are opting for automated third-party solutions in place of building their own in-house systems to help monitor risk and meet AML regulations.


1. Time, Knowledge, and Cost

Any solution should facilitate the tracking of all transactions, the management of alerts across teams, and decisions made to ensure regulatory compliance. However, building a flexible, reliable, and configurable transaction monitoring system will require significant compliance and risk expertise, as well as a deep understanding of technology. Many business owners and managers opt against draining their company’s internal resources to create an in-house solution, especially after calculating the costs and valuable time required, which could be spent on revenue-generating activities instead.


2. False Positives

Building an in-house system that can easily fine-tune scenarios and apply different rules to different types of players is no easy feat. However, failure to do so often results in numerous false positives, creating a backlog of tedious work for compliance officers. If the false positives aren’t caught by human intervention, you could be damaging the player experience and ultimately the future of your brand.


3. Risk

Taking into consideration the high risk, both from personal and business perspectives, of not meeting the AML directives or global requirements, many companies go for a ready-built solution rather than attempting to build their own. Afterall, ready-built solutions tend to be richer in functionality due to the benefit of feature improvement requests from a much wider-customer base.


4. Scalability and Future Proofing

Businesses are required to keep up with ever-changing risks. Therefore, since it takes weeks for an internal IT team to deploy a new rule with in-house systems, how feasible is it to do so every time there’s a requirement change, and how many people (and therefore salaries) will it take to deploy these changes? Ready-built solutions are often configurable to different business sizes and can be scaled to suit customers’ requirements, making growth more seamless.


AXON Gaming: Real-time AML Transaction Monitoring

When deciding on the best solution for AML transaction monitoring, choosing the right approach is critical, and a lot can ride on the results. AXON Gaming automatically looks for suspicious transactional activity and analyses it against a customer’s activity history and profile to provide companies with a real-time view into any potential AML issues. This empowers your business to apply a proper risk-based approach by easily configuring different types of scenarios to meet the various compliance requirements from different jurisdictions.

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