Continuous monitoring of the business relationship

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As a financial institution, you are required to establish appropriate processes and procedures to monitor the accounts, activities and transactions of your clients and other business associates. Transaction monitoring allows you to maintain an understanding of the nature, background and activities of your business relationships. This enables you to detect deviations in behavior and transaction patterns with respect to your business relationships and enables you to comply with your reporting obligation.

Our approach

Charco & Dique can support you in setting up and implementing an adequate transaction monitoring process. The content of this support is strongly dependent on the way you want to carry out the monitoring, if and which system you use for this and the integrity of the data needed for this. We can support you with:

  • Establishing appropriate procedures and processes to monitor clients’ accounts, activities and transactions;
  • The creation and maintenance of well-founded, accurate (transaction) profiles;
  • The selection, implementation and validation of a transaction monitoring system;
  • Reviewing, handling and reporting the outcomes of transaction monitoring and validating the parameters in case of false positives; and
  • Integrating the results of the monitoring with customer research and customer risk profiles.