Why Transaction Monitoring Matters
Transaction monitoring is a cornerstone of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) compliance. For financial institutions, the ability to detect and respond to suspicious activity is not only a regulatory requirement but also essential for safeguarding reputation and trust.
In Mauritius, compliance is guided by the Financial Intelligence and Anti-Money Laundering Act (FIAMLA) 2002 and the FIAML Regulations 2018. These laws require continuous monitoring of customer transactions to identify unusual or high-risk activities.
Traditionally, this has meant manual reviews, static rules, and retrospective analysis—approaches that are slow, resource-intensive, and prone to false positives. Today, technology is reshaping this landscape.
The Legal Framework in Mauritius
Financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) must comply with strict requirements under Mauritian law:
- FIAMLA 2002
- Section 14: Ongoing monitoring obligations
- Sections 17C, 17D, 17E: Transaction monitoring duties
- FIAML Regulations 2018
- Regulations 7 & 8: Scrutiny of transactions and ongoing monitoring
- Regulation 11: Enhanced measures for high-risk customers
- Regulation 12: Record-keeping obligations
These provisions align Mauritius with global standards set by the Financial Action Task Force (FATF), reinforcing the country’s position as a compliant and transparent international financial centre.
Technology at the Core of Modern Monitoring
At Algorythmics, our Automated Transaction Monitoring Service enables financial institutions to move beyond manual processes. Powered by intelligent technology, our solution streamlines compliance workflows, reduces operational risk, and strengthens regulatory alignment.
How It Works
- Real-Time Analysis: Transactions are monitored instantly, eliminating delays caused by manual reviews.
- AI-Driven Risk Scoring: Behavioural patterns are assessed dynamically, ensuring more accurate detection of anomalies.
- Automated Alerting: Prioritisation ensures that high-risk cases are addressed first.
- Customisable Dashboards: Compliance teams gain instant visibility into suspicious activities.
- Audit-Ready Reporting: Every alert is logged and accessible for regulators, ensuring transparency and accountability.
In short, what once took hours now happens within seconds—allowing compliance officers to stay ahead of both criminals and regulators.
Key Benefits for Compliance Teams
- Reduced False Positives: AI-driven behavioural analysis cuts down unnecessary alerts.
- Efficiency Gains: Automating repetitive tasks frees up resources for complex investigations.
- Improved Responsiveness: Real-time monitoring means quicker action on suspicious activities.
- Scalable Compliance: As institutions grow, technology ensures monitoring remains effective and cost-efficient.
- Future-Proof Operations: Built to adapt to evolving regulatory requirements.
Why Choose Algorythmics?
Compliance is no longer about meeting the minimum requirements—it’s about staying ahead. Our transaction monitoring solutions provide:
- Smarter risk detection aligned with Mauritian and international regulations.
- Proactive compliance tools that reduce costs and streamline operations.
- Peace of mind for Compliance Officers and MLROs tasked with protecting their institutions.
With Algorythmics, transaction monitoring becomes less of a compliance headache and more of a strategic advantage.
Contact us today at [email protected] to learn how our screening solutions can strengthen your compliance journey.
About the Collaboration
This initiative is the result of a close collaboration between Algorythmics and NFS Group Global Ltd.
