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How to configure Ongoing Watchlist Monitoring in Alloy

Alloy users can now continuously monitor their customers for suspicious activity. To meet liability requirements, financial institutions must re-screen their entire client list every time a watch list is updated. Our new watch list monitoring workflow automates this by allowing clients to enroll their entities in continuous watch list monitoring during onboarding. By linking a recurring watch list workflow, Alloy will re-screen all enrolled entities every time a watch list is updated and create a new evaluation if there is a potential new hit.

Within the initial enrollment workflow, users must first associate the recurring watch list monitoring workflow.

Alloy creates a new evaluation every time there is a new hit on an updated watch list. These are housed on the entity profile page under the new Recurring tab.

Enroll entities for ongoing watch list monitoring during initial onboarding

Step 1: Create a new Recurring workflow

Navigate to the Workflow tab of the dashboard and click 'Add Workflow'. Provide a unique workflow name and select type 'Recurring'.

Step 2: Configure watch list services for ongoing watch list monitoring

Click on 'Services' in the top-right menu bar and choose one or more available ongoing monitoring services to enroll entities.

These services check for any updates to watch lists on a recurring basis (ComplyAdvantage checks every night) and send Alloy a webhook if there has been a change. Alloy will then re-screen all enrolled entities on all updated watch lists for each given service and create a new recurring evaluation if there are any net new hits to review.

Ongoing entity enrollment for each service happens on the initial person or business onboarding workflow, the next step will cover this association.

The simplest configuration is the service selection itself.

Tags can also be configured like in any onboarding workflow.

Similarly with outcome configuration, Alloy can automatically decision any recurring evaluation from this workflow as Manual Review.

Once you are satisfied with your workflow configuration, save this version.

Step 3: Associate this new Recurring workflow to an initial Onboarding workflow

Navigate to the initial person or business onboarding workflow where you will enroll entities for ongoing monitoring.

Select the corresponding service that you added to the Recurring workflow and navigate to the Options menu. You will notice a new 'Recurring Webhook Workflow' section appear for services that support ongoing monitoring.

Choose the Recurring workflow you previously created. These services in this initial onboarding workflow will perform an initial screening for a given entity and enroll them in ongoing monitoring.

Save this version and set as active for these new changes to be applied.

View ongoing watch list evaluations

Once watch lists are updated, these services will rerun all enrolled entities through those updated watch lists for any new hits. If there is a new hit for any entity, Alloy will create a new recurring evaluation.

View a Recurring Evaluation

You can quickly filter the Evaluations page to identify any recurring evaluations by using the Type filter.

A recurring evaluation will only show the net new watch list hit for review.

View all Recurring evaluations for an Entity

Navigating to the Entity profile, a new Recurring tab will appear if any recurring evaluations exist for that Entity.

Review ongoing watch list evaluations

Assuming tags and outcomes have been configured in the recurring workflow, new ongoing watch list evaluations will appear in the Review Queue for analysts to manually decision. Clients can also configure a new review queue for analysts to review new hits.

Setting up outgoing webhooks for recurring evaluations

If a user would like to set up a webhook so they can be notified of new ongoing watch list hits, they can configure this by creating a new 'Notify on Evaluation Created by Data Vendor Webhook' in Settings > Webhooks. The user should get webhooks from Alloy for recurring evaluations.

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