End‑to‑End Transaction Monitoring Backlog Remediation for a Crypto Exchange
A Canadian cryptocurrency platform faced a two‑year backlog of unreviewed transaction monitoring alerts—jeopardizing Suspicious Transaction Reporting (STR) requirements under FINTRAC’s regulations. Our team delivered a full‑lifecycle transaction monitoring backlog remediation project: scoping workstreams, hiring specialist contractors, exceeding closure targets, and transitioning into ongoing efficiency‑building.
Scoping & Governance
We began by mapping alert types, ensuring policies, procedures, and risk assessments aligned with the Act and Regulations. A dedicated steering committee met weekly to track KPIs on alert‐closure rates, false‐positive ratios, and budget adherence.
Specialist Resourcing & Execution
Leveraging our AML talent network, we onboarded six experienced contractors in just four weeks—30% faster than market benchmarks—ensuring immediate proficiency with virtual‑asset red‑flags and FATF’s risk‑based monitoring approach . Over three months, we cleared 97% of the backlog—surpassing the 90% target—while maintaining a sub‑5% disposition‑error rate through dual‑review QA.
Continuous Optimization
In phase two, we tuned scenario‑based alert models using FATF’s Virtual Assets Guidance—redesigning thresholds that cut low‑value alerts by 35% and halved average review times. Quarterly “health‑checks” are now embedded in the client’s compliance calendar, guaranteeing sustained monitoring efficiency.
Outcomes
Regulatory Confidence: Zero FINTRAC findings on STRs.
Operational Efficiency: Alert queues were reduced to an under a 48‑hour review window.
Market Differentiator: Client now touts its robust monitoring as a competitive edge.
Ready to clear your transaction‑monitoring backlog and embed ongoing efficiencies? Schedule a 30‑minute Discovery Call to map out a tailored remediation plan.
