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The role of transaction monitoring in ongoing monitoring: AML compliance programmes in Canada

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  • Simpson, Andrew

Abstract

Financial institutions in Canada face constant challenges when it comes to meeting their antimoney laundering (AML)/anti-terrorist financing (ATF) obligations. They must work with everchanging domestic and international regulatory environments while coping with increased pressures to operate cost-effectively. Financial institutions also need to continually monitor the adequacy and effectiveness of their AML/ATF programme. This paper will review some of the requirements set forth by the Canadian financial intelligence unit (FINTRAC) as well as how an effective transaction monitoring process combined with risk intelligence data can identify unusual transactions that warrant further investigation; provide input into and improve the effectiveness of an AML/ATF programme; be used for risk scoring; assist with profiling customers and understanding their unique risks; and ease the burden of compliance and reporting to regulators.

Suggested Citation

  • Simpson, Andrew, 2018. "The role of transaction monitoring in ongoing monitoring: AML compliance programmes in Canada," Journal of Financial Compliance, Henry Stewart Publications, vol. 2(2), pages 165-175, December.
    • Handle: RePEc:aza:jfc000:y:2018:v:2:i:2:p:165-175
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    More about this item

    Keywords

    transaction monitoring; sanctions screening; politically-exposed persons; due diligence; money laundering; high-risk entities;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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