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