How do you clear alerts as a compliance analyst?

Alfonso Llanes, studied at Florida International University

Answered just now

Important Industry Anti-Money Laundering Topics can be found at:

http://www.dominion-advisors.com...

However, compliance monitoring depends on the industry being monitored. In essence, auditors of regulation compliance are employed throughout private industry and government agencies tasked with finding violators or errors of compliance. Complete and compliant alert analysis must provide the auditor, or regulator, with important information about what the alert is about who was involved, the type of activity, and why the auditor decided to close the alert or send it for further review.

Alert analysis is not a process where Suspicious Activity Reports (SAR’s) are written. Alert analysis is about clearing out the low value alerts and defining which alerts need be investigated.

Let’s look at an example from the shipping industry regulated by the Federal Maritime Commission for ocean cargo, Surface Transportation Board for rail cargo, the Federal Highway Administration for trucking cargo and the Federal Aviation Administration for air cargo.

Each agency is responsible for making sure vendors of transportation services follow the regulatory concepts embedded in commerce and trade. These can include cargo tariffs for conditions; description and freight charges for such described carriage service tariff. Freight tariffs when applied are one area that regulators or independent industry auditors must monitor for compliance. Other areas of compliance in the transportation industry include monitoring:

Equipment

Packaging

Handling

Storage

Border Crossings

Ports of Entry or Departure

Customs, Duties, According to the Official Harmonized Tariff Schedule. Also, Fees and Taxes that might apply.

In conclusion, a compliance auditor can wear many hats depending on the regulated industry that needs to be supervised such as: Financial, banking, industrial, manufacturing, and transportation sectors among others.

Banks , non-bank lenders and brokers need to comply with a recent set of laws that regulate the mortgage industry. The Financial Crimes Enforcement Network (FinCEN) has implemented regulations that requires all non-bank institutions to comply with laws regarding Anti-Money Laundering (AML) and Suspicious Activity Reports (SARs).