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What is Transaction Monitoring?
Transaction monitoring is the monitoring of all financial transactions initiated by customers. Such transactions can be securities trade, purchase of insurance, deposits, withdrawals, money transfers and all other such activities. Transactions are monitored to detect fraud or illegal activities by the Customers.
Why do I need Transaction Monitoring?
Transaction Monitoring is very essential to ensure that the organisation’s services are not being abused by criminals to launder money or fund illegal activities. The regulators across the world are becoming stricter and stricter and levying heavy penalties for lax Transaction Monitoring.
How are transactions monitored?
Usually transactions are monitored based on assessment of the product type; the customer’s business, profile and other details; as well as the customer’s historical behaviour.
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