The Institute of Continuous Professional Training and Education (ICPTE) offers an extensive variety of Pre-Recorded and Live Online Courses created by Professional and qualified Instructors with years of experience in their field.

ICPTE platform allows You the flexibility to watch online pre-recorded seminars at Your own convenience, at Your own pace, in Your own time and place. Start watching a seminar today and complete it at Your own time. You can have access from anywhere. We work with professional and qualified instructors with years of experience in their field.

One of the more popular AML seminars is the “Transaction Monitoring – AML Transaction monitoring rules”.

Module 1: What is AML transaction monitoring?

  • Transaction monitoring is an ongoing security process that helps companies detect suspicious transactions.
  • Transaction monitoring is a process that can help flag suspicious activities such as large cash deposits or wire transfers which could be linked to criminal activity.
  • Transaction monitoring helps financial institutions monitor their customers’ transactions and is the most effective way to fight against financial crimes.
  • Transaction monitoring is a critical part of AML and needs to be robust to respond effectively to the illegal laundering of funds.
  • Transaction monitoring refers to the process of monitoring customer transactions.
  • Transaction monitoring answer the questions:
    (a) Where did the money come from? And
    (b) Where is the money going?
  • … and much more …

Why is transaction monitoring important for AML?

  • AML regulations require businesses to monitor transactions and report suspicious ones to authorities.
  • Transaction monitoring helps companies comply with AML/CFT regulations and supports their compliance programs.
  • Transaction monitoring is a vital weapon in the fight against financial crime.
  • Transaction monitoring is the backbone of Anti-Money Laundering because it identifies the proceeds of criminal activity as it encounters the legitimate global financial system.
  • Transaction monitoring proactively safeguards financial institutions from being targeted by criminals and helps maintain compliance required by regulatory bodies.
  • As the nature of financial crime continues to grow and regulations become more complex, transaction monitoring becomes more important.
  • Transaction monitoring helps financial institutions to remain compliant and avoid regulatory breaches.
  • Transaction monitoring helps financial institutions prevent illicit transactions and activities that impact individuals’ lives, communities and the wider economy.
  • Transaction monitoring helps financial institutions better understand their customers’ risk profile and patterns of activity, allowing them to direct their monitoring resources more efficiently.
  • … and much more …

Transaction Monitoring – Which factors we should consider when examining transactions?

When examining transactions, we shall consider the following factors (the list is not exhaustive):

  • Geographical source/destination of funds
  • High or inconsistent amounts
  • Numerous small transactions that when combined they exceed anticipated threshold
  • Nature or type of individual transactions or series of transactions
  • Clients’ usual pattern of activities or size of turnover
  • Changes in the usual method of communication with client
  • Unusual or suspicious transactions that are inconsistent with the economic profile of the customer
  • Transactions which fall outside the regular pattern of an account’s activity
  • Complex transactions
  • Transactions without obvious economic purpose or clear legitimate reason
  • Ascertaining the source and origin of the funds credited to accounts
  • Cash transactions.

You should also develop techniques to spot “patterns of transactions” also known as typologies and come to a judgement as to what constitutes an “unusual” pattern.

What we expect to detect through transaction monitoring?

Transaction monitoring can be used to detect signs of illegal activities, such as:

  • Money laundering
  • Terrorist Financing
  • Fraud
  • Drug trafficking
  • Bribery
  • Corruption
  • Identity theft
  • Unusual transaction amounts
  • Unusual series of transactions (e.g., a number of cash credits)
  • Unusual geographic destination or origin of a payment
  • Known threats or typologies

Module 2: Transaction Monitoring – AML/CFT controls

Module 3: AML transaction monitoring process – STEPS to create a transaction monitoring system

Attend our Pre-Recorded Online Course “Transaction Monitoring – AML Transaction monitoring rules”, learn all eleven STEPs of how to build your own transaction monitoring system and gain 5CPDs.