Summary


First AML’s continuous monitoring feature gives you the ability to remain current and consistent with the original risk assessment of your clients.


Once monitoring has been enabled, any individuals you subsequently screen will be continually monitored.


This article explains what monitoring alerts mean and what the next steps are when you receive them.



TABLE OF CONTENTS





What are Monitoring Alerts?


Monitoring alerts are delivered in the form of a daily email, summarising any of your individuals whose screening result has changed, and linking to the screening report showing potential matches for your individual.


You’ll only receive an email if there are applicable updates that day.


What the alerts look like:




Understanding the alert

New matches


An individual you are monitoring will appear in the ”New matches” section if a new person has been identified as a potential match for your individual for the first time. It’s important to know a match is new, as it means this potential match has not yet been assessed.


For example, you might have a monitored individual, "Ash Little". 

→ At the initial screening, a potential sanction match was found for a "Ash Jason Little". 

→ A week later, a different person, "Ash William Little" has appeared as a Politically Exposed Person (PEP), and they have now been identified as a potential match for your individual. 

→ In your next monitoring alert, your individual “Ash Little” will appear under New matches, and “Ash William Little” will now be visible alongside the existing match “Ash Jason Little” when reviewing the match report.


Updated matches


An individual you are monitoring will appear in the “Updated matches” section if a person already identified as a potential match for your individual has a change to their screening result.


For example, you might have a monitored individual, "Herman Hines". 

→ At the initial screening, a potential matched individual was found on a sanction list. 

→ A week later, this matched individual is removed from the sanction list. 

→ In your next monitoring alert, your individual “Herman Hines” will appear under Updated matches, and in the match report, the details for this matched individual will show they have been removed from the sanction list.


Match type


For each individual in the alert, the match type indicates the nature of their change in monitoring status. 

The following match types are possible:

  • Sanctions
  • PEP
  • Adverse Media
  • Match removed: This means that there is a previously matched person who is now no longer identified as a potential match.

Associated Entities


For each individual in the alert, we display up to 3 root entities this individual is associated with, to help provide additional context and to help identify associated cases.


Selecting an entity will open that entity in the FirstAML platform.


Please note: To see the entity view in the platform, you must have a Compliance Officer role.



Review matches


Selecting Review matches for an individual will open their screening report.


This report contains all potential matches for the individual and the reasons for the match.


Selecting More Details for a potential match will display the sources of their match and any additional information.








What to do with Monitoring Alerts?


After receiving a monitoring alert, you will want to review the matches for these individuals to determine whether or not there has been a material change to the status of the individual that may require enhanced due diligence.



Reviewing matches

Check earlier screening results


When reviewing an individual identified in the monitoring alert, to help save time and to provide context of any existing PEP, Sanction or Adverse Media matches identified at the original screening, we recommend opening the individual’s profile in the platform and viewing their existing screening result.

  • If you have a Compliance Officer role and there are any associated entities, you can select an entity from the monitoring alert which will open that entity in the platform. Then you can view the entity structure for an existing case, and select the individual to view their profile and screening results.

  • Alternately, search for the individual and view all results, then select the Individuals tab to select the most recent case. Select your individual from that case to see their profile and screening results.



You can see in this example that Sam Kennedy has passed the original screening for PEP, Sanctions & Adverse Media.



Identify matches from the monitoring report


Select “Review matches” in the monitoring alert for the individual you’re reviewing. This will open their monitoring report.


Selecting More Details for a potential match will display more information about this person, including the type of match.




To help understand screening match types, see these articles:



Requesting enhanced due diligence


If you have identified a match in your individual’s screening result which would make your individual high risk, you may wish to request enhanced due diligence.


To do this, you should identify an appropriate case for this individual, and rework it. To rework a case, you’ll need to have a Compliance Officer, Team Member, Platform Admin or Office Admin role.


When reworking the case, you should specify in the notes that you wish to request enhanced due diligence due to a monitoring alert; and inform us which individuals within this case require it.



Recording acceptance of false positives


If you have not identified a match in your individual’s screening result which would make your individual high risk, and wish to record activity and your acceptance of the matches, you may wish to do this against an appropriate existing case.


To do this, you should identify an appropriate case for this individual, and make your record in the Compliance Team Notes field.