FIAU: Transaction Monitoring guidance document

The FIAU issued a guidance document on the statutory requirements and optimal measures related to transaction monitoring.

These are targeted to subject persons that process payments and similar transactions for and behalf of customers. The document delves into:

  • Characteristics of an Effective Transaction Monitoring Programme
  • Legal Obligations for Transaction Monitoring
  • Practical examples of good practice and inadequate application of:
    • Risk-based transaction scrutiny and substantiation
    • Processes in place used to detect, understand, and report transactions
    • The application and testing of Detection Rules
    • Alerts Management
  • The obligations and expected measures for pre- and post- transaction monitoring

This document can be accessed here.

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