EFFICIENT TRANSACTION MONITORING for Monmouthshire Building Society

Monmouthshire Building Society needed a more timely and efficient way for their small Financial Crime Team to monitor transactions in one place along with the ability to create bespoke rules and alerts as new threats emerge. 

Jade ThirdEye enabled the enhancement of Monmouthshire Building Society’s transaction monitoring system a key element of The Society’s 3-year financial crime framework and policy strategy. 

Previously, The Monmouthshire Building Society had a hybrid system, using The Society’s core IT provider to monitor transactions, supplemented with several Management Information Reports produced by the business intelligence team.  Monthly reporting meant there was a time lag in transaction monitoring. 

Why Monmouthshire Building Society chose Jade ThirdEye

A network of Building Societies throughout the UK use Jade ThirdEye which meant there was a ‘central intelligence’ to call on for rules configuration, future-proofing, and sharing of best practice.

Jade ThirdEye’s configurable risk-based rules meant that false positives could be reduced significantly, freeing up the Monmouthshire Building Society Financial Crime Team to investigate fewer alerts and better protect vulnerable customers.

• Risk-based approach:  The Monmouthshire Building Society wanted a risk-based alert system that would tackle due diligence more quickly and eradicate false positives – previously 90-95% of alerts from the old system were false positives, and with a small Financial Crime Team, they wanted to ensure they applied a risk-based approach reducing the noise in the alerts. 
• Bespoke rules and alerts: The previous system’s ability for bespoke rules and alerts was more limited than The Society would have liked, meaning staff were having to build a lot of supplementary Management Information separately to ensure compliance.
• Automated daily alerts: With the potential for alerts to be more frequent going forward and provide a timely, cost-effective, efficient alternative to monthly alerting and the preparation of additional Management Information by the Monmouthshire Building Society Team.
  
  
  

Improved efficiency

In addition to providing a robust compliance system, the configurable nature of Jade ThirdEye rules means false positives have been reduced significantly. This has enabled the Monmouthshire Building Society to target resources previously occupied dealing with false positives, at activities that add the most value to protecting their members from financial crime.

Timely SARs reporting

In keeping with The Monmouthshire Building Society’s Member-led strategy, the implementation of Jade ThirdEye’s risk-based alert system has enabled the Society’s Financial Crime Team to deal with alerts and raise Suspicious Activity Reports (SARs) more promptly than was previously possible.

Scalability