Transaction Monitoring & Writing Effective Suspicious Activity Report
Financial crime is increasingly pervasive, to curb this, firms are obliged to identify, investigate and report any suspicious behaviour on ongoing basis at entity or transaction level. A study of firms’ TM outputs shows that, the quality of monitoring output generated from the incumbent generation of TM systems is usually poor resulting in low SAR filing rates.
Course Description & Duration
This workshop has been designed to provide hands-on knowledge and detailed guidance on ongoing monitoring obligations to Retail Banking managers, supervisors of Money Services Business/Transfers operations managers, supervisors of International Payments, front-line and compliance staff to upskill and to better identify unusual customer activity. The workshop will cover effective procedures for scrutinising accounts & transactions to detect and report suspicious transactions/activities. It will examine appropriate processes for real-time and post-event payments filtering/screening for adherence to the Wire Transfer Regulations. The course is predominantly exercise-based and will use relevant case studies to highlight various ML/TF and other financial crime indicators to enhance delegate’s capabilities in spotting ML/TF red flags.
This course is offered as a full day workshop.
Course Outline
- Overview of regulation and industry guidance allied to ongoing monitoring obligations.
- Post-event and real-time Transaction Monitoring Processes (Account level alerting case management and escalations enhancement procedures).
- Performing data and trend analysis.
- Recovering and extracting forensic data.
- Payments filtering & Sanctions screening enhancement procedures.
- Enhanced Monitoring procedures for Vostro accounts, Trade Finance Transactions & MSB’s Transfers.
- SAR decision making & writing concise and relevant SAR narrative.
- Case Study on Terrorism Financing.
Training Outcomes
By the end of the training, delegates will be able to:
- Explain legislations and regulations on Ongoing Monitoring requirements.
- Describe the appropriate account/payments/customer base screening procedures required to demonstrate compliance.
- Appreciate what to look for during client/transaction investigations.
- Understand and outline how to write a SAR narrative.
- List some ML/TF and other financial crime red flags/indicators.