Compliance

Transaction Monitoring

Definition

Continuous surveillance of customer transactions to detect suspicious activities and patterns that may indicate financial crimes.

Concepts

Related Terms

AML SAR risk scoring rules engine

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AML

Anti-Money Laundering - laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.

Beneficial Owner

The natural person who ultimately owns or controls a legal entity, typically someone with 25% or more ownership.

BSA

Bank Secrecy Act - US federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering.

Capital Requirements

Minimum capital for financial institutions.

CDD

Customer Due Diligence - the process of collecting and analyzing customer information to assess risk and prevent financial crimes.

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