The goal of the coverage assessment exercise delivered by Consortix is to evaluate the AML/CTF risks associated with the FI’s customers, products, services and geographies, and to understand how the FI's transaction-monitoring model aligns with those risks. The assessment will be leveraged and limited to identify any gaps or opportunities to enhance the coverage provided by the FI’s automated transaction monitoring system.
regulatory environment
assessment of the current state of the transaction monitoring programs
knowledge of common money laundering risk factors and monitoring methods
Based on the results of the coverage assessment, recommendations were derived to further enhance the AML program’s ability to monitor the FI’s transactions for suspicious activity.
Gather information
Identify risks
Assess coverage
Recommend Enhancements
Implement Enhancements
