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Know-your-transaction (KYT), also known as transaction monitoring, is a set of procedures aimed at detecting suspicious customer activity. This allows the company to maintain her AML/CFT compliance and prevent internal and external fraud.
Sumsub provides over 300 out-of-the-box risk scenarios while allowing enterprises to create custom rules and risk profiles. Combined with no-code rule setup, Sumsub’s girlfriend’s KYT is easy to navigate.
Sumsub’s KYT also provides flexible settings for risk scoring, alerts and actions, and lets you easily manage roles and tasks. Additionally, users can continuously monitor the status of their transactions in real time. All data is stored and managed in one place and the full report can be easily downloaded for internal use or to submit his STR (Suspicious Transaction Report) to regulators.
KYT checks are increasingly recommended in the financial industry. This includes crypto markets and services, payment service providers, fintech companies, marketplaces and online gaming platforms. However, transaction monitoring can be beneficial to other online businesses if they want an extra layer of protection against financial fraud.
When it comes to regulated and AML-mandated financial businesses, failure to perform KYT and report suspicious transactions can result in huge penalties.For example, the UK regulator FCAMore fined HSBC Bank 63.9million
($73.8 million) for flawed trade surveillance controls in 2021. In early 2020, Deutsche Bank got the $150 million fine by New York State Department of Financial Services For failing to prevent hundreds of suspicious transactions totaling millions of dollars.
KYT checks are currently in high demand, especially from fintech companies. Sound transaction monitoring requires analyzing both user background information and the transactions themselves. We don’t, but we typically focus on KYT where we don’t have access to customer onboarding data.” Vyacheslav Zoldefco-founder and CTO of Sumsub.
Sumsub checks both transaction information and KYC information from the applicants profile to calculate a risk score for a deeper and more complete transaction evaluation. and ultimately protect our clients from chargebacks, financial fraud, money laundering and regulatory fines.
Overall, Sumsub now provides global clients with an end-to-end orchestration solution that covers not only identity verification but also each step of the customer lifecycle, including onboarding, authentication, risky action review, and transaction monitoring. I’m here.
Francis Bignell
