When it comes to monitoring for suspicious activity as part of your BSA/AML program, your institution’s size and complexity generally plays a role when determining whether you can/should use manual monitoring processes or a more advanced software-based system that might utilize artificial intelligence. No matter which type of monitoring your institution uses however, you won’t find a one-size-fits-all approach. Since each institution has its own set of unique risks (customer base, geographic location, etc.), their monitoring systems will be unique as well.
Kevin explains more in the video.
Video Highlights:
- Monitoring systems are necessary to detect suspicious activity and can be manual or automated.
- Manual monitoring includes reviewing currency transaction reports, large cash item reports, and balance changes.
- Employees should alert the BSA team of any unusual activity.
Published
2023/06/16
