Transaction Monitory
Transaction monitoring is an essential component of the Remit Milky system, designed to detect and prevent suspicious activities while ensuring compliance with regulatory standards. By implementing various checks and alerts, the system safeguards against fraud, money laundering, and other financial crimes. Below are the key aspects of the transaction monitoring process:
Customer Verification for First Transfer When a customer initiates their first transfer, the system will not process the transaction unless the customer is marked as verified. Initially, all customers are unverified, and it is recommended to follow the full onboarding process before marking them as verified. Verification ensures that all customer information has been thoroughly validated. Once verified, customers cannot change their profile details, maintaining the integrity of their information.
Customer Duplication Alerts To prevent duplicate accounts and potential fraudulent activities, the system generates alerts if a customer’s information matches existing records based on the following patterns:
First name and date of birth
Last name and date of birth
Primary document number
Phone number
First name and postal code
Last name and postal code
These checks help identify and flag potential duplicate accounts for further review.
Document Expiry Alerts The system monitors the validity of primary documents and generates alerts if a document has expired. An expired document prevents the customer from initiating any new transactions. Even after uploading a new primary document, the system will continue to show alerts until the document is verified either electronically or manually. This ensures that only customers with valid and verified documents can conduct transactions.
Transaction Thresholds and Customer Ledger The system allows administrators to define transaction thresholds based on sending countries and document types. If a customer exceeds a specified limit, the system will generate an alert and require additional documentation.
Beneficiary Limits: Set limits on the number of beneficiaries a customer can send to.
Customer Ledger: Provides a detailed view of a customer’s transaction history, including transaction count and volume over different periods (7 days, 30 days, 90 days, 180 days, and 1 year). This helps monitor customer behavior and detect anomalies.
Sender Link Alerts The system generates alerts for senders who may have links to each other. These alerts help identify potential collusion or coordinated fraudulent activities between different accounts.
Beneficiary Link Alerts An alert is triggered if multiple senders are sending transfers to the same beneficiary. This helps detect patterns of potential money laundering or fraud involving a common recipient.
Card Link Alerts The system generates alerts if card details (card number, issuer bank, and expiry date) match those of other customers. It tracks how many unique cards are being used by a customer and provides a list of all associated cards. This helps identify cases where the same card is being used across multiple accounts, which could indicate fraud.
Beneficiary Ledger Alerts The beneficiary ledger tracks customer behavior and generates alerts based on unusual patterns, such as:
Sudden Changes in Destination: For example, if a customer frequently sends funds to Pakistan but suddenly tries to send to another country, the system will flag this behavior.
Relationship with Beneficiary: Monitors transactions to detect if the same beneficiary is receiving multiple transfers from a single customer within a short timespan.
Compliance Holds: If older transactions are under compliance review, the system prevents the customer from creating new transactions until the issues are resolved.
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