Compliance And transaction Monitoring

One Single API does all your work Done! Yes you heard it right.  Having a single API that can handle a wide range of tasks efficiently sounds like a dream! Such an API  incredibly versatile and well-designed to cover a broad spectrum of functionalities. It would also need to be scalable and adaptable to different use cases.

Creating such an API would be a significant technical challenge, but the benefits of simplifying development and streamlining workflows across various domains would be immense.  

 

Role-based access control (RBAC) is a security paradigm that restricts system access to authorized users based on their roles within an organization. 

Roles Definition: Administrators define various roles within the system, representing different job functions or responsibilities. For example, roles could include "Admin," "Manager," "Employee," etc.

Permissions Assignment: Each role is associated with a set of permissions that define the actions or operations users assigned to that role are allowed to perform. These permissions could be granular, specifying access to specific features, data, or resources.

User Role Assignment: Users are assigned one or more roles based on their job responsibilities or organizational hierarchy. This assignment determines the permissions granted to them within the system.

Access Control Enforcement: The system enforces access control by checking a user's roles and permissions whenever they attempt to perform an action or access a resource. If the user's role has the necessary permissions, the action is allowed; otherwise, it is denied.

Custom rules are tailor-made rules that are specific to the business, reflecting its unique risk profile, customer base, and transaction patterns.

Configuration:These rules are configured based on the particular characteristics and behavior of the business's customers and transactions.

Examples:

• Unusually large transactions compared to the customer's typical behavior.
• Transactions to or from high-risk jurisdictions.
• Patterns of transactions outside the customer's regular activity.

2.Velocity Rules: Velocity rules monitor the speed or frequency of transactions to identify abnormal patterns that may indicate suspicious or fraudulent activity.

Examples:

Configuration:Examples:

• A high volume of transactions within a short time frame.
• Multiple transactions to different beneficiaries in quick succession.
• Numerous failed login attempts within a short period.

• Analyze incoming funds for unusual or suspicious patterns.
• Set up thresholds and triggers to flag transactions that deviate from normal behavior or fall outside expected parameters
• Perform third party check
• Sanction & PEP check for sender
• Perform blacklist check
• Custom and velocity check
• Attached supporting document for any incoming funds.

• Analyze outgoing funds for unusual or suspicious patterns.
• Set up thresholds and triggers to flag transactions that deviate from normal behavior or fall outside expected parameters
• Perform third party check
• Sanction & PEP check on sender, receiver
• Perform blacklist check
• Custom and velocity check
• Attach supporting document for any outgoing funds.