A firm shall review their customers transactions

Updated over a week ago

A firm shall review their customers transactions in order to detect transactions and other activities that could be suspected to form an element of money laundering or terrorist financing. The monitoring will show if the customer transactions are in line with the expected customer behavior based on the information received from the customer.

A firm shall also regularly monitor the ongoing business relationships to see if the information retrieved from the customer is sufficient and up to date and if the customer’s assessed risk has changed. For instance information regarding changes of beneficial owners and PEP needs to be updated continuously.

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