NatWest Markets Case Study: Using Technology Across the Risk and Compliance Landscape [Video]
80% of firms filed zero SARS reports from their Transaction Monitoring (TM) systems, found a recent study by EY and AFME (Association for Financial Markets in Europe) on transaction monitoring in the markets sector.
The study also found that 95% of SARS filling in the markets sector originate from market abuse cases or front office referrals.
Reinforced by the FCA in a recent thematic review, traditional transaction monitoring (TM) methods are often an operational burden and are unable to identify financial crime effectively. As a result, financial institutions like NatWest Markets have been exploring alternative methods to enhance their anti-money laundering (AML) TM systems. This includes leveraging additional data sources, and more sophisticated technology including machine learning, entity resolution and network analytics to improve financial crime detection.
This is known as Contextual Monitoring.
Download the video to learn how NatWest Markets is using contextual monitoring to improve the detection of financial crime and fraud.
What is Contextual Monitoring?
Contextual Monitoring is an innovative approach to transaction monitoring that uses entity resolution to resolve counterparties and better understand the relationships between them by utilizing network analytics.
This advanced ‘investigate to detect’ process leverages shared data and intelligence from law enforcement and police agencies to identify new, previously hidden risks faster and more accurately.
“Contextual Monitoring signals a new way of tackling financial crime and fraud.”
Alexon Bell, CPO. Quantexa
To learn more about contextual monitoring, explore Syneo for Contextual Monitoring.
NatWest Markets’ Journey to Contextual Monitoring
Following the uncertainty around the effectiveness of traditional TM, regulators have given the nod of approval to Contextual Monitoring.
After a four-month pilot, NatWest Markets went live with Release 1 of the Quantexa platform, integrating market abuse surveillance into transaction monitoring.
Two years into NatWest’s journey with Quantexa, and the results speak for themselves. The platform’s ability to bring together data from disparate sources has resulted in:
- 90% reduction in false positive alerts for the global bank
- 100% of alerts generated by the platform proved to be a genuine risk, requiring a thorough investigation.
- Identifies previously hidden risk 3X faster than traditional approaches
“Using a vendor like Quantexa and seeing the great results is now casting a shadow on legacy systems at NatWest.”
Es Nelson-Jones
Head of Compliance, Conduct & Financial Crime, NatWest Markets
In this presentation given by Es Nelson-Jones (Head of Compliance, Conduct and Financial Crime, NatWest Markets) at QuanCon November 2021, learn why data is at the center of everything the global bank do, the benefits of leveraging a Contextual Monitoring approach – and how you can achieve the same results.
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