Monitoring and Reporting
As a financial institution falls under the scope of AML/CFT regulation, it must take appropriate measures to monitor on an ongoing basis financial relationships and transactions involving a high risk of money laundering or terrorist financing in order to identify suspicious dealings.
Appropriate actions can be either manual or automated processes, or a combination of both, depending on your organization's means and corrective needs. They also depend on the size of your business and the risks you are exposed to.
How to efficiently monitor data ?
You do not necessarily have to create or purchase an electronic system. You can use and build on your available resources and business processes.Your company's policies and procedures must determine what type of monitoring needs to be performed in certain high-risk situations, including the detection of suspicious transactions.
The professional business vision linked with critical analytics on past performance should help to design enhanced workflow mechanisms. Historic qualitative data might be the key to identifying figures that will help get a sense of what is at stake and properly evaluate previous methods.
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On November 12, 2018, the European Parliament issued new rules to strengthen the fight against money laundering through the 6th EU Money Laundering Directive (2018/1673). Member States have until 3 December 2020 to transpose the Sixth AML Directive and bring into force...
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