BSA/AML regulations and guidance issued by the FDIC, FFIEC, NACHA and OCC call for ongoing monitoring of business customers, particularly when it comes to high-risk customers such as third-party payment processors, money lenders and debt collectors. As businesses can change over time, it is important to have as much insight as possible into your business customers for comprehensive risk management. While transaction monitoring can help alert your organization of suspicious activity and outright fraud, it can miss key leading risk factors that may be damaging to your portfolio, resulting in losses or fines for your organization.
G2 Business Content Monitoring goes beyond transaction monitoring to identify suspicious or previously terminated business customers, and regularly monitors business customer websites for ongoing risk, including the sale of high-risk goods or services, deceptive marketing, changes in business models and more. Select monitoring intervals by risk level or other criteria determined by your organization to create a risk-based approach for your BSA/AML program.
Website identification: Find websites for your business customers to gain more transparency into your portfolio and improve your monitoring capabilities.
Change detection: Receive notifications if your business customer suddenly changes their terms and conditions, pricing, payment terms and more.
Content monitoring: Monitor business customer web sites for changes in content that could signal illegal or risky behavior.
Comply with regulations and guidance from the FDIC, FFIEC, NACHA and OCC for ongoing monitoring, particularly for high-risk business customers. Demonstrate compliance to auditors and examiners with
Adjust the monitoring frequency of different customer segments, depending on their risk level. Receive timely reports when your business customers engage in risky activities.
Search for violation categories of particular concern to your business. Quickly access the information you need to make decisions about which customers to terminate or retain based on your organization’s risk tolerance. Automate your ongoing monitoring to optimize your internal resources.
UMS Banking has been using G2 since 2007. It is not only useful, but is an integral part of our Risk Monitoring system and compliments the processes we put in place through the TPPPA Compliance Management System (CMS). Their new reputational risk, persistent monitoring and risk console allows us to automate a manually intensive job into a ‘click and review’ process that is far more efficient and robust, giving us the data analytics we require for proper oversight of our portfolio in a timely manner.
Joyce Gaines, CEP, UMS Banking