Accuity, the leading provider of payment routing data, AML screening software and services, today added a Transaction Monitoring System (TMS) Optimization Assessment offering to its expanding line of Strategic Services. The TMS Optimization Assessment will help organizations fine-tune their TMS programs in order to minimize false positives, reducing the need to increase compliance efforts and operational overhead.
A TMS is designed to flag potentially suspicious transactions and is typically a component of a comprehensive anti-money laundering (AML) program. Such systems inevitably produce many more false positives than they do true hits—all of which must be analyzed by a compliance department.
Accuity’s TMS Optimization Assessment offers written, actionable recommendations that can be used to enhance any TMS program and reduce false positives. Through this service, Accuity’s Strategic Services Group examines perceived risks versus TMS risk mitigation and reviews key components for quality and completeness, including the TMS operation procedures and application, filters that generate alerts, alert statistics and data sources.
“Our ultimate goal is to provide unique insight, personnel, products and solutions to assist our customers with everyday compliance and enhanced due diligence operations,” said Henry Balani, Director of Strategic Services for Accuity. “This new false positive reduction solution from Accuity offers just that, with minimal intervention from our customers’ compliance staff.”
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