Monitoring is a key component of your BSA/AML program. It is imperative that you have systems in place to detect unusual and/or suspicious activity. But, no two institutions are the same, and therefore the way monitoring is implemented and/or conducted can and often does vary.
Kevin explains more in the video.
Video Highlights:
- Manual monitoring involves individuals (e.g., operations staff, BSA staff) looking for suspicious activity in customer activity reports and individual transactions.
- Automated monitoring is software-based and looks for higher-risk transactions that need further review.
- If something appears unusual or doesn't make business sense it could be a potential red flag.
Published
2023/03/28
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them. Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).
