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In-house Financial Intelligence Unit (FIU)

AML departments are structures dedicated to identification, monitoring and reporting. Their efforts are aimed at ensuring compliance with applicable regulations. However, a further investigation is required for some cases. An in-house Financial Intelligence Unit (FIU) is focused on risk management, monitoring, and analysis before a situation becomes a problem, using as main tool the exploitation of existing internal AML-related databases.

In-house FIU uses customer and transaction database as input to screen it against external information and go beyond regulatory compliance requirements to ensure as much as possible that the entity’s reputation will not be harmed by external environment.

Objectives of an in-house FIU:

• Conduct investigations from the perspective of applicable regulations
• Perform quality tests on KYC requirements
• Analysis and creation of own typologies and trends to design risk mitigation strategies
• Mapping of geographical zones with a higher number of high risk transactions
• Strengthen zero tolerance measures for employees involved in Money laundering

Advantages of an in-house FIU:

• Production of a information of better quality to bring criminal actions
• Identify AML/CTF training needs
• Identify those employees breaching controls in place