What is AML Transaction Monitoring?

Transaction Monitoring is software that helps financial institutions monitor customer transactions instantly. Transaction Monitoring is the most effective way to help financial institutions to combat financial crimes. Transaction Monitoring software helps companies to comply with AML (Anti-Money Laundering)/ CFT (Counter Financing of Terrorism) regulations. Transaction Monitoring software supports your compliance program.


What is the Transaction Monitoring Process?


Millions of financial transactions take place in a day in the world. Financial Institutions can control billions of transactions instantly by automating the transaction monitoring process. Companies establish rules system for transaction monitoring systems according to AML (Anti-Money Laundering), CFT (Counter Financing Of Terrorism) and KYC (Know Your Customer) requirements. If there is a situation that triggers these rules during customer transactions, the transaction monitoring software generates an alarm. When the software generates an alarm, the process is automatically stopped and the process is examined in detail by the Compliance or Risk Department of firms. If they detect crime in the customer transaction, it reports that suspicious transactions to AML, CFT and KYC regulators. This report is called a Suspicious Activity Report (SAR).


Why is Transaction Monitoring Important for AML?


With technology, the methods of financial crimes began to change. The majority of financial crimes occur through the financial system. Criminals detect gaps in financial systems and commit crimes such as money laundering and terrorist financing. It is not possible for financial institutions to prevent these crimes with manual solutions. With Transaction Monitoring, companies automatically monitor the transactions of their customers such as deposits, withdrawals, and money transfers. Companies can present these controls as evidence in the audits. Thus, financial institutions ensure “Anti Money Laundering” and “Know Your Customer” compliance.


Transaction Monitoring And AML Regulations


AML regulators aim to prevent financial crimes. That's why they issue regulations for the financial industry. There are many local and global Anti-Money Laundering regulations that companies must comply with. Compliance programs provide the regulatory requirements for companies. AML compliance programs help companies fight financial crimes. With AML Transaction Monitoring tools you can detect money laundering activities that will occur in financial transactions.


What does Transaction Monitoring Detect?


  • Money Laundering
  • Terrorist Financing
  • Fraud
  • Drug Trafficking
  • Bribery
  • Corruption
  • Identity Theft

Who Needs Transaction Monitoring?


  • Money Services
  • Banks
  • Money Transfer Companies
  • Insurance Companies
  • Real Estate Agents
  • Legal Professionals
  • Trust Offices
  • Law enforcement agencies
  • Accountants and Accounting Firm
  • Financial Service 


Reduce False Positives in Transaction Monitoring Systems


False positives are an important problem for firms. Transaction Monitoring Systems can give false-positive alerts. With Sanction Scanner’s powered transaction monitoring screen you can see all operations about related AML&KYC. Meet the requirements of banking and e-money partners, compliance offices, regulators and auditors with an electronic audit trail of all system and user actions with the date and time stamps. and user actions with the date and time stamps. You can contact us for information about our AML solutions.


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