Monitoring is often neglected as it is to complicated and/or expensive to implement versus the risk involved. Typically, it involves manual case review at some predetermined interval. ONBORD technology changes all of that and allows for low cost monitoring in two ways: either a monitoring report generated whenever required or constant high level monitoring of anything loaded into the system for material changes such as being added to a sanctions list or change of control or directors.
Financial institutions and other businesses that provide services to clients are required to comply with regulations and laws related to anti-money laundering (AML), counter-terrorism financing (CTF), and other financial crimes. Monitoring clients helps to ensure compliance with these regulations.
Monitoring clients enables businesses to detect suspicious changes that may indicate a change in the risk of a counterparty and/or the threat of money laundering, terrorist financing, fraud, or other illicit activities. This can help prevent financial losses and reputational damage. Monitoring clients helps businesses to identify and assess the level of risk associated with each client. This enables businesses to take appropriate risk management measures, such as enhanced due diligence, to mitigate the risk of potential financial crimes.
ONBORD records who was monitored and how it was done in case questions arise now or in the future. ONBORD takes all of that effort away with one simple platform solution. All documentation is stored securely in the cloud and only relevant users have access to this information. Any access to it is logged and controlled centrally. So if legal questions are ever raised, there is a clear audit trail of any monitoring that is done.
Monitoring clients can help protect a business's reputation by identifying and preventing activities that could damage the business's reputation. This can include activities that are illegal, unethical, or violate the business's policies or values. Adverse media checks are particularly useful in this regard.
The ONBORD platform provides a digital upload of legacy clients. This means the system can be used for monitoring clients even if they weren't onboarded originally by the system. A monitoring report can also be generated via various user interfaces at any time.