Sanctions screening is a critical component of a robust compliance program. Knowing who you're doing business with is more important than ever. Stay on top of risky customers and get ahead of evolving regulatory expectations by enrolling in ongoing watchlist monitoring in your Transaction Monitoring workflow. The ongoing watchlist monitoring workflow automates this by enrolling entities in recurring, automated checks once and getting alerted in real-time if there are ever any watchlist hits over the lifetime of the entity. By linking an ongoing watchlist monitoring workflow, get access to the most up-to-date sanctions lists, PEP screens, and adverse media checks through our pre-built integrations with best-in-class data partners specializing in watchlist screening. With increased accuracy, comprehensive coverage, and automated alerting, Alloy's ongoing watchlist monitoring can help eliminate manual work and optimize resourcing while mitigating regulatory risk and driving down costs.
What you'll need
- This article will guide you on how to configure Ongoing Watchlist Monitoring in a Transaction Monitoring Workflow if you already have Ongoing Watchlist Monitoring set up in an Onboarding workflow.
- Transaction Monitoring must be enabled in your account, and you must have a Transaction Monitoring workflow setup.
Configuring the Workflow
If your organization's Onboarding workflow already enrolls entities in recurring entity sanctions checks, then setting up ongoing watchlist monitoring in your Transaction workflow is simple.
- Find the watchlist match tag used in the Recurring workflow.
- Navigate to the Account Settings, then click on the Tags Settings.
- You will see a list of tags created and utilized across all your Workflows. Find the watchlist match tag that is used in your Recurring workflow (e.g., "OFAC Match" in the screenshot).
- Click on the watchlist match tag to go into the Update Tag setting.
- Configure watchlist match tag to trigger Case. Check the box for This tag generates a Case under the Case Management setting.
💡 IMPORTANT: If an evaluation has a case-generating tag, a case will be generated for this entity and be available for review in Case Management. If a case is already open for an entity, the updated watchlist match tag will be added to that existing case. - Select the Case Type of the case.
- Click on Save to save the updated configuration of the watchlist match tag.
- Case Generating now will be set to true for the watchlist match tag.
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