Transaction Monitoring
As a financial institution you are required to set up appropriate processes and procedures to monitor your clients’ accounts, activities and transactions.
Overview of
Transaction
Monitoring
As a financial institution you are required to set up appropriate processes to monitor your customers’ accounts, activities, and transactions. This helps you to understand their behaviours and actions.
Through transaction monitoring, you can detect if something seems different or unusual in their behaviour or the pattern of their transactions. This is important to help you to comply with your reporting obligations.
What we do
We can help you to set up a transaction monitoring system. The level of our support will depend on how you want to perform the monitoring, which system you choose and the integrity of the data.
How we can
help you
We can support you in the following areas:
- Establishing the right procedures to monitor clients’ accounts, activities, and transactions
- Creating and maintaining accurate transaction profiles, backed up with evidence
- Selecting, implementing, and validating the effectiveness of a system to monitor transactions
- Evaluating, managing, and reporting findings from transaction monitoring and confirming that the system is not incorrectly flagging up legitimate activities (false positives)
- Combining transaction monitoring with customer due diligence and risk profiles
Wwft Transaction Monitoring e-learning
Of course, it is essential to understand the rules and regulations to correctly monitor transactions. But you also need strong analytical skills to make sense of any alert.
Our Wwft Transaction Monitoring e-learning is available online through our training institute, The Ministry of Compliance. It offers you both the knowledge and the practical skills required for successful transaction monitoring.
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