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KYT – Transaction Monitoring Procedures

About iComply

iComply’s platform enables regulated entities to perform risk-based transaction monitoring in accordance with international Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements. Transaction monitoring is closely tied to customer risk profiles, enabling the real-time detection of suspicious activities.

Supported KYT Workflows

iComply’s KYT process consists of multiple configurable workflows designed to support the unique compliance needs of regulated entities across jurisdictions. Each workflow can be triggered automatically based on system-defined rules or manually by compliance personnel, allowing for flexibility in adapting to regulatory obligations, internal risk policies, and operational preferences. Triggers may include transaction attributes (e.g., amount thresholds, velocity, or geographic indicators), customer behavior anomalies, or changes in risk profile. These workflows are designed to operate independently or in tandem as part of a broader risk-based approach.

Workflows include:

  • Real-Time Transaction Monitoring – Continuous analysis of transactions to detect potentially suspicious activity as it occurs.
  • Risk Scoring and Pattern Analysis – Dynamic risk scoring and behavior analysis to surface anomalous or high-risk activity patterns.
  • Regulatory Reporting – Structured processes for reviewing flagged activity and filing reports with the appropriate Financial Intelligence Unit (FIU).
  • Audit Trail and Record Keeping – Automated documentation of all monitoring activities, user actions, and system events to ensure transparency and regulatory compliance.

Real-Time Transaction Monitoring

iComply’s KYT system continuously analyzes transactions in real-time to identify suspicious patterns or activities. Transactions are flagged based on specific criteria, such as frequency, amount, or geographic locations involved, serving as the foundation for spotting potential money laundering or fraud.

Key data points collected include: 

  • Originator and beneficiary details
  • Transaction amount and currency
  • Date and time of transaction
  • Geographic location
  • Transaction reference numbers 
  • Customer account details 
  • Channel used for the transaction (e.g., online banking, wire transfer, ATM)
  • Associated customer risk score at time of transaction
  • Linked transactions or patterns (e.g., structuring, layering)
  • Counterparty identifiers (e.g., legal entity name, registration number, country of incorporation)
  • Alerts previously associated with the customer or counterparty

The Transactions Page within the platform presents a comprehensive table view of all transaction data, including core metadata (e.g., date, amount, status) and entity relationships. Users can:

  • Apply filters and perform keyword searches
  • Flag transactions manually
  • View risk scores and rule-trigger information
  • Access transaction drilldowns for context and history

Data Ingestion & Integration

iComply supports flexible data input methods, including batch uploads, API integration, and real-time data streams. This ensures institutions can ingest data from various payment systems, core banking platforms, and blockchain sources without workflow disruption.

Risk Scoring and Pattern Analysis

Each transaction is assessed and assigned a risk score based on predefined criteria and historical data. Advanced algorithms and machine learning are utilized to detect complex patterns characteristic of money laundering, such as rapid fund movements or structuring activities.

Risk factors considered include:

  • Transaction size and frequency
  • Involvement of high-risk jurisdictions
  • Deviation from established customer behavior

Ruleset Configuration

Compliance teams can customize detection logic to align with internal policies, jurisdictional expectations, and evolving risk indicators. Rules can be updated on demand, enabling agile responses to emerging threats.

Intelligent Rule Engine & Real-Time Alerts

The rule engine evaluates every transaction in real time, triggering alerts based on risk scores, pattern anomalies, or known typologies. Rules support thresholds and time-based patterns. Alerts are generated with contextual detail, including which rule triggered and why.

Rules Management is available to configure and update detection logic. Compliance teams can:

  • Create rules using multiple variables (e.g., thresholds, patterns, behaviors)
  • Assign risk scoring weights and alert severity levels
  • Preview and test rule logic prior to deployment
  • Organize rules using categories and filters for easy management

Regulatory Reporting

When a transaction is identified as suspicious, it is escalated internally for review by the compliance team. If deemed necessary, a Suspicious Activity Report (SAR) is filed with the relevant Financial Intelligence Unit (FIU) in accordance with jurisdictional regulations

The SAR process includes:

  • Detailed documentation of the suspicious activity
  • Internal investigation and analysis
  • Timely reporting to authorities

The Report Filing Center supports this process with:

  • Pre-filled transaction and entity data
  • Editable report narratives and justification fields
  • Attachments and evidence uploads
  • Submission status tracking and download options for PDF and DOCX filing formats

Audit Trail and Record Keeping

All records, including transaction data, risk assessments, alerts, cases and reports, are maintained for a minimum of five years in compliance with regulatory requirements. Records are stored securely and are readily accessible for audits and regulatory reviews.

Each page within the system (Transactions, Alerts, Cases, and Settings) retains full audit logging and historical records of user actions (e.g., escalations, reassignments, notes added).

End-to-End Audit Logging & Compliance Reporting

The platform captures detailed audit trails across all pages. These logs support forensic investigations, regulatory audits, and internal compliance reporting. Exports and dashboards are available for tracking resolution times, alert trends, and rule efficacy.

Case Management
iComply’s case management framework enables users to escalate, track, and resolve alerts and cases efficiently.

Centralized Alert Management & Case Assignment

All alerts are triaged into a central queue, where they can be prioritized, grouped, or assigned based on severity or user roles. Role-based access controls ensure that only authorized users can manage or resolve high-risk alerts.

Key features include:

  • Automated or manual case creation from alerts
  • Assignment and reassignment to specific users or roles
  • Customizable statuses, tags, and deadlines
  • Embedded notes, attachments, and activity logs
  • Resolution tracking and historical reference

All cases are searchable and can be filtered by risk level, assigned user, creation date, or status.

User Permissions and Settings
 Administrators have full control over platform configuration. In the Settings Page, they can:

  • Enable/disable alerts and assign thresholds by jurisdiction
  • Configure risk tolerance parameters and entity tiers
  • Manage users, roles, and data access rights
  • Connect to external data providers or case management tools

Ongoing Maintenance

iComply is committed to maintaining a robust KYT framework to effectively combat financial crimes. This policy is reviewed and updated regularly to align with regulatory changes and industry best practices.