Transaction Monitoring is an essential tool in your armoury to help combat money laundering and terrorist financing (“AML/CFT”).
On-going monitoring includes scrutinising transactions undertaken throughout the course of a business relationship and is a key AML/CFT control, which can take the form of both automated and manual monitoring.
In their recent feedback paper, the ‘Thematic Review: Compliance Monitoring Plan’, issued in October 2021, the Jersey Financial Services Commission (“JFSC”) states:
Transaction monitoring refers to the scrutinization, examination and review of your customer’s transactions. The aim is to identify, prevent and report suspicious activity to your MLRO in a Suspicious Activity Report (“SAR”).
The team at Baker Regulatory Services (“BRS”) have between them decades of unrivalled experience in undertaking effective Transaction Monitoring and can share their knowledge and experience with you through effective and well-structured training sessions. They will also be able to take you through the recent feedback issued by the JFSC and share what they consider to be best practice.
If you would like to receive further information, please contact myself or Barry Faudemer.