Compliance Automation
Automation Rules Overview
Automation rules are predefined workflows or triggers designed to streamline repetitive tasks, ensure timely actions, and maintain consistent operational efficiency. These rules can be set up to perform actions automatically based on specific conditions, ensuring the system remains responsive and proactive without manual intervention.
Key Components of Automation Rules
1. Triggers
Definition: Events or conditions that initiate the automation rule.
Examples:
A customer uploads a new document.
A transaction exceeds a predefined threshold.
A compliance hold is triggered for a customer.
A customer status (e.g., from "Unverified" to "Verified").
New customer signup or referral.
2. Conditions
Definition: Specific criteria that determine whether the automation rule should proceed after the trigger is activated.
Examples:
If the transaction amount is above $10,000.
If the customer’s primary document is expired.
If the sanctions screening returns a positive match.
If the sender and beneficiary have overlapping linked data.
3. Actions
Definition: Tasks performed by the system when the rule is executed.
Examples:
Sending email or SMS notifications to customers or agents.
Blocking a transaction and sending it to compliance for review.
Marking a customer as "High-Risk."
Generating a report or log for compliance.
Sending push notifications about overdue tasks.
Sample Automation Rules
Rule 1: Sanctions Screening
Trigger: A new customer signup is completed.
Condition: The customer’s name matches a global sanctions list entry.
Action: Block the account, notify the compliance team, and send a system-generated alert to the admin.
Rule 2: Linked Beneficiary Alert
Trigger: Multiple transactions are sent to the same beneficiary within 7 days.
Condition: Transactions are from different customers with overlapping sender information.
Action: Generate a "Beneficiary Link Alert" and notify compliance.
Benefits of Automation Rules
Efficiency: Saves time by automating repetitive tasks.
Accuracy: Reduces errors associated with manual processing.
Proactive Compliance: Ensures compliance requirements are met promptly.
Improved Customer Experience: Speeds up processes like verification and notifications.
Scalability: Handles growing customer and transaction volumes effortlessly.
Automation Rule Management
Logs and Analytics:
Track executed automation rules.
View metrics like frequency of rule activation and outcomes.
Adding automation to your operations ensures smoother workflows, enhances compliance adherence, and supports scaling your business processes.
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