Alexei Dulub is the founder and CEO of PixelPlex, an R&D company powering meaningful digital transformation across industries. Read Alexei Dulub's full executive profile here.
According to the 2023 Public Edition of the Basel AML Index, the average global money laundering and terrorist financing risk level increased from 5.25 in 2022 to, where 10 is the maximum risk. These numbers highlight a troubling trend: Money laundering cases are becoming increasingly common, creating an urgent need for robust protection mechanisms.of ML and TF activities, largely because of the high volume of transactions they handle.
KYT monitors and analyzes transactions within an entity, looking for irregularities and detecting potential risks, suspicious patterns and illegal activities, generally using advanced technology and algorithms. Below, I’ll offer some insights into the workings of the KYT process and provide tips on how to leverage it for effective anti-money laundering.During this process, all transactions are continually analyzed in real-time to identify suspicious patterns or activities. Transactions are flagged based on specific criteria, such as frequency or geographic locations involved, serving as the foundation for spotting potential money laundering.
By providing detailed insights into transaction patterns and behaviors, and flagging those that could be indicative of money laundering, KYT helps organizations meet AML standards. You can report suspicious activities to regulatory authorities promptly, therefore aligning with legal obligations and minimizing the risk of non-compliance penalties.While KYT was initially designed to combat fraud and money laundering threats, it can be also used to perform proper customer due diligence.
In advising organizations on how to address these challenges efficiently, I want to emphasize the critical role of Know Your Transaction. Through the real-time monitoring of transactions, risk assessment, detection of suspicious patterns and investigation of anomalies, KYT helps efficiently combat financial crimes and enhance risk management policies.
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