Risk review should be comprehensive as laid out here by FinCrime Institute
A number of areas of customer profile depictions and activities are covered here by the FinCrime Institute. There are some that may not be as obvious as an unusual transaction and/or a very high value one. Of course, these two can be combined in a transaction that deserves scrutiny. A less revealing one that can […]
Transaction monitoring is ongoing and key to detecting fraud
These two LinkedIn posts below focus on transaction monitoring. They are a reminder that transaction monitoring is a critical activity in helping financial institutions detect and prevent fraud. All of them should be doing it effectively and thoroughly by setting up their own robust ant-money laundering framework. It must include excellent staff and regularly scheduled […]
Are you monitoring out of the norm transactions? If not, why?
As the title says on this post all financial institutions whether through AML requirements which obligated them to follow and comply with, or just responsible banking practice to protect the client who has entrusted them with their money and wealth management, it should be both in terms of preventing fraud. The word inconsistent (bolded below) […]