Ongoing Monitoring

By- FAS A2
Monitoring Process
• Apart from having effective client onboarding DDC process robust
monitoring process is needed
• Periodic review and monitoring is needed to detect unusual
transaction patterns
• These are done to avoid risk that could affect business of company
Periodic review of Business Relationship
• Updated copies of all identification documents
• Financial institutions are expected to keep KYC information up-to-date
on an ongoing basis
• Periodic review of account transactions to identify
• Periodically perform name and adverse news screening on the
customers and beneficial owners
• Independent parties for periodic review
• Involvement of senior management in periodic review
• Induvial responsible for periodic review are authorized and posse's
capacity and competency
• Rules-based electronic transaction surveillance system
• Financial institutions can calibrate surveillance parameter and alert
threshold
• Accounts with suspicious transactions reports are subjected to
heightened monitoring.
• Compliance function should be involved in review and closure of
alerts
• To ensure timely and proper closure of alerts, financial institutions
have set internal timelines.