How to Build a Customizable AML Dashboard for Enhanced Financial Compliance

Simple Summary

A customizable dashboard for Anti-Money Laundering (AML) teams that streamlines monitoring, analysis, and reporting of financial transactions to enhance efficiency and compliance.

Product Requirements Document (PRD)

Goals:

• Create a centralized platform for AML teams to monitor, analyze, and report on financial transactions
• Improve efficiency and accuracy of AML processes through customizable dashboards and automated alerts
• Ensure compliance with regulatory requirements and industry standards

Target Audience:

• Anti-Money Laundering teams in banks, financial institutions, and fintech companies
• Compliance officers and risk management professionals

Key Features:

1. Customizable dashboard widgets for transaction monitoring
2. Real-time alert system for suspicious activities
3. Advanced analytics and reporting tools
4. Case management system for investigating potential AML issues
5. Integration with external data sources and APIs
6. User role management and access controls
7. Audit trail and activity logging
8. Customizable risk scoring models
9. Regulatory reporting templates and export functionality

User Requirements:

• Intuitive interface for easy customization of dashboards
• Fast and responsive performance, even with large datasets
• Secure access and data protection
• Ability to collaborate and share insights within teams
• Mobile-friendly design for on-the-go access

User Flows

1. Dashboard Customization:

   • User logs in → Selects "Customize Dashboard" → Chooses widgets from available options → Arranges widgets on dashboard → Saves layout

2. Alert Investigation:

   • System generates alert → User receives notification → Opens alert details → Reviews transaction data → Adds notes/tags → Escalates or closes alert

3. Regulatory Reporting:

   • User selects "Generate Report" → Chooses report type → Selects date range and parameters → Previews report → Exports in required format

Technical Specifications

• Frontend: React with TypeScript for robust, scalable UI development
• Backend: Node.js with Express for API development
• Database: PostgreSQL for relational data storage
• Authentication: JWT for secure user authentication
• Data Visualization: D3.js or Chart.js for interactive charts and graphs
• API Integration: RESTful APIs for external data sources
• Real-time Updates: WebSockets for live data streaming
• State Management: Redux for managing application state
• Styling: Tailwind CSS for responsive design
• Testing: Jest for unit and integration testing
• CI/CD: GitHub Actions for automated testing and deployment

API Endpoints

• /api/auth/login
• /api/auth/logout
• /api/dashboard/widgets
• /api/transactions
• /api/alerts
• /api/cases
• /api/reports
• /api/users
• /api/settings

Database Schema

• Users: id, username, email, password_hash, role, created_at, updated_at
• Transactions: id, account_id, amount, date, description, category, risk_score
• Alerts: id, transaction_id, type, status, created_at, updated_at
• Cases: id, alert_id, assigned_to, status, notes, created_at, updated_at
• Reports: id, type, parameters, generated_by, created_at
• DashboardLayouts: id, user_id, layout_data, created_at, updated_at

File Structure

Implementation Plan

1. Project Setup (1 week)

   • Initialize React project with TypeScript
   • Set up Node.js backend with Express
   • Configure PostgreSQL database
   • Implement basic authentication system

2. Core Dashboard Functionality (2 weeks)

   • Develop customizable dashboard layout system
   • Create reusable widget components
   • Implement drag-and-drop functionality for widget arrangement

3. Data Integration and Visualization (2 weeks)

   • Integrate with transaction data sources
   • Develop data processing and analysis modules
   • Create interactive charts and graphs for data visualization

4. Alert System and Case Management (2 weeks)

   • Implement real-time alert generation system
   • Develop case management interface for alert investigation
   • Create notification system for new alerts and case updates

5. Reporting and Analytics (2 weeks)

   • Develop customizable reporting templates
   • Implement advanced analytics features
   • Create export functionality for various file formats

6. User Management and Security (1 week)

   • Implement role-based access control
   • Develop user management interface
   • Enhance security measures and implement audit logging

7. Testing and Quality Assurance (2 weeks)

   • Conduct thorough unit and integration testing
   • Perform security audits and penetration testing
   • Optimize performance and responsiveness

8. Documentation and Deployment (1 week)

   • Prepare user documentation and API references
   • Set up CI/CD pipeline
   • Deploy to staging environment for final testing

9. Launch and Monitoring (1 week)

   • Deploy to production environment
   • Implement monitoring and logging systems
   • Provide user training and support

Deployment Strategy

1. Use containerization with Docker for consistent environments
2. Deploy backend to a scalable cloud platform (e.g., AWS ECS or Google Cloud Run)
3. Use a managed PostgreSQL service for the database (e.g., AWS RDS or Google Cloud SQL)
4. Deploy frontend to a CDN-enabled hosting service (e.g., AWS S3 with CloudFront or Netlify)
5. Implement blue-green deployment strategy for zero-downtime updates
6. Set up automated backups and disaster recovery procedures
7. Use infrastructure-as-code (e.g., Terraform) for reproducible deployments
8. Implement comprehensive logging and monitoring (e.g., ELK stack or Datadog)
9. Conduct regular security audits and penetration testing

Design Rationale

The design focuses on creating a highly customizable and efficient platform for AML teams. React and TypeScript were chosen for the frontend to ensure a responsive and maintainable UI. Node.js and Express provide a scalable backend, while PostgreSQL offers robust data storage for complex financial data.

The customizable dashboard approach allows teams to tailor their workspace to specific needs, improving efficiency. Real-time alerts and a case management system enable quick response to potential issues. Advanced analytics and reporting tools are included to meet regulatory requirements and provide valuable insights.

Security is a top priority, with role-based access control and comprehensive audit logging. The modular architecture and use of modern development practices ensure the system can evolve with changing AML requirements and scale to handle increasing data volumes.