Monitoring And Reporting

Question 1

How is the customer research report utilized as the basis for periodic review?

Answer 1

The customer research report serves as the baseline against which to measure change and the base comparison for filing any suspicious activity report in the future.

Question 2

What must a customer research report include in addition to the summary, basic customer information, nature of the business, purpose of the account, red flags, and issues of concern?

Answer 2

A customer research report must also include the sources of the information and hyperlinks, if available.

Question 3

What is ‘transaction monitoring’?

Answer 3

Transaction monitoring is the scanning and analysis of transactional data for potential financial crime, including money laundering, terror financing, fraud, and efforts to breach economic sanctions.