Transaction Monitoring is an essential component of an Anti-Money Laundering program that all financial institutions must have under the Bank Secrecy Act. Transaction Monitoring is the process of monitoring customers' transactions such as transfers, deposits, and withdrawals. In addition, Transaction Monitoring attempts to identify suspicious behavior that may indicate other financial crimes occurring, such as money laundering and terrorist financing.Organizations with ineffective or traditional Transaction Monitoring solutions also have very challenging compliance processes, and more importantly, organizations can be subject to penalties for failing to comply with regulations.
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