Transaction monitoring is a critical AML defence, get it wrong and you are in major trouble!
The regulatory rules are simple, firms have to report suspicious actives to their designated national reporting agency. But what is suspicious?
- Retail – When you have huge volumes or retail transactions how do you separate the honest transactions from the dubious?
- Private Banking – Wealthy clients require detailed analysis due to their complexity and the unique client risk profiles.
- Corporate Banking – corporate clients presents transaction monitoring challenges because of the risk of trade-based laundering, bribery and complex ownership structures.
AML-Assurance: Transaction Monitoring
Dynamic-GRC helps banks ensure they have thoroughly specified their AML Transaction Risk Profile before preparing and executing an AML Transaction Monitoring test script for each product/service provided.
The results of the Dynamic-GRC Transaction Monitoring Assurance are included in a report detailing the level of comfort each client can place in their traction monitoring. If requested, the final Transaction Monitoring Assurance report can include recommended action points to address any weaknesses identified.
Dynamic-GRC’s AML Assurance for Transaction Monitoring gives regulated firms comfort that their systems and controls are fully specified and operational: