How can a bank / Compliance department can make more strong its transactions monitoring / Accounts review to curb the potential threats to Bank

There are several ways to make your AML monitoring process more effective.

The following are a few examples (but not limited to).

1. Ask IT application department to provide you the customers turn over report for different frequency such as monthly, weekly or quarterly to review high value transactions..

2. .The same report could be asked by product category Wire transfers, Cash and Cheques deposits and withdrawals i.e incoming and outgoing to understand the customer transactions and trends.

3. Ask different reports for PEPs, Private banking, Credit Cards, Correspondent banking and Non profit / charitable organisations, which are at high risk and most vulnerable to ML

4. Daily cash report with proper justifications and source of funds from customer or teller