A fintech that processes a few hundred payments a day can still have someone look over them by hand. Once volumes climb into the tens of thousands, nobody can, and the monitoring has to run in software that scores each transaction and raises an alert when something looks wrong.
Transaction monitoring is the part of an anti-money laundering (AML) program that watches money after a customer has been onboarded.
It looks for activity that doesn’t fit the customer’s profile: deposits kept just under a reporting threshold, funds that arrive and leave within hours, payments to high-risk jurisdictions, or a dormant account that suddenly turns busy. [Read more…] about Top 6 AML Transaction Monitoring Tools for Fintech