The monitoring system is a tool that allows the compliance team to obtain accurate information about how users receive, transact and send money through Mercury Cash.
Assess the risk of the customer pool
Monitor and provide alerts based on triggers of each transaction that can be deemed suspicious
Monitor patterns of suspicious activity
Provide an export capability to satisfy document/report requests by Regulators and 3rd party partners (banks)
Customer Risk Assessment
This measure the AML risk of the customer pool and will provide a score number for the customer from 0 to 100, where 0 is non-risky and 100 is extremely risky, meaning that with a 100 score a customer has a higher likelihood to be involved in Money Laundering, Terrorism, among others. Customer risk score will determine certain parameters to trigger red flags and alerts in the transaction monitoring system.
System of triggers that alerts in real time of unusual transactions associated to a customer. It may depend on various factors, generally linked to customer activity profile and customer risk score (CRS). System has to be able to build a customer activity profile based on the historical data available on the database. A variation from the expected activity pattern should trigger an alert.
Gathers historical transactions to identify possible unusual transaction patterns that may be evidence of ML activity.
Generates reports with detailed security information regarding executed transactions.
Risk monitoring and analysis system
The intention of this system is to analyze the risks in transaction and of the users registered in the system, in order to be able to provide any risky transaction and have tools that facilitate or automate us (in the near future) the blocking or risk alarms .
To achieve the initial objectives of the project I have decided to divide the analysis into three parts, which I detail below:
It analyzes and studies our user by studying their financial behavior, based on account balance, number of transactions, type of transactions and the amount of transactions in their different accounts, whether in fiat currencies or cryptocurrencies.
To get to know our users better, we prepare a risk analysis according to country of origin, type of customer, commercial activity, gender, and Onfido's report.
In addition to the individual analysis, we will be able to know the technological behavior of our client, determining whether he uses a VPN or Proxy to make the connections, know if several clients connect from the same IP, know the service provider of our client, as well as determine if the country from which he connects is the same as the one registered in his profile, or even determine if he has constantly changed country in his last connections.
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