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Digitise Management Consultancy is the trusted solution for all your Anti-Money Laundering Queries.
Transaction Monitoring & Suspicious Transaction Reporting
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Strengthen transaction monitoring and suspicious activity reporting processes to identify unusual activity and meet applicable regulatory obligations
Digitise Management Consultancy assists businesses in establishing practical transaction monitoring and suspicious transaction reporting processes based on their business activities, customer risks and transaction patterns. Our support helps businesses identify unusual activity, document investigations and manage applicable reporting requirements.
Transaction Monitoring Framework - Development or review of transaction monitoring processes appropriate to the business’s activities, customers and transaction patterns.
Transaction Monitoring Rules & Indicators - Assistance with identifying relevant transaction patterns, behaviours and red flags that may indicate unusual or suspicious activity.
Transaction Review & Analysis - Support with reviewing transactions and assessing whether activity is consistent with the customer’s profile and expected behaviour.
Unusual Activity Escalation - Establishment of appropriate processes for escalating unusual or potentially suspicious activity for further review.
Suspicious Activity Investigation Support - Assistance with documenting and analysing relevant information when potentially suspicious activity is identified.
STR/SAR Preparation Support - Assistance with preparing information and supporting documentation required for applicable suspicious transaction or activity reporting.
goAML Reporting Coordination - Support with the applicable submission process for suspicious transaction or activity reports through goAML.
Transaction Monitoring Records - Assistance with maintaining appropriate records of transaction reviews, investigations, escalations and reporting decisions.
Transaction Monitoring Review & Enhancement - Assessment of existing monitoring processes and recommendations to improve the effectiveness of transaction monitoring controls.
SEE THE TRANSACTION. UNDERSTAND THE STORY. ACT WHEN IT DOESN'T ADD UP.
Don't wait for suspicious activity to become a regulatory problem. Let Digitise strengthen your transaction monitoring and reporting process before the red flags are missed.
Frequently Asked Questions
Transaction monitoring focuses on customer transaction activity and identifying unusual or suspicious patterns, while sanctions screening focuses on identifying parties or transactions that may match applicable sanctions requirements.
Not necessarily. Unusual activity should be appropriately reviewed and assessed before determining whether the circumstances meet the applicable threshold for suspicious transaction or activity reporting.
The review may consider the customer’s profile, source of funds, expected activity, transaction history, counterparties, geographic exposure and the circumstances surrounding the transaction.
Businesses can use proportionate manual or automated monitoring processes depending on their size, activities, transaction volumes and risk exposure. Digitise can help assess the appropriate approach.
The activity should be escalated for appropriate review, with the findings and decision properly documented. Where the applicable reporting requirements are met, the matter should be reported through the prescribed process.
