FIAU Publishes Guidance Note On Transaction Monitoring

On the 11th April 2023, the Financial Intelligence Analysis Unit published a detailed guidance note entitled: A Look Through the Obligation of Transaction Monitoring

While all subject persons have a critical role to play in the fight against financial crime, this guidance note focuses on the transaction monitoring requirements pertaining to institutions which process payments and similar transactions for and behalf of customers, including but not limited to, banks and other depository institutions, electronic money (e-money) institutions, payment service providers (PSPs) and merchant acquiring companies.

The purpose of this guidance note is to provide more insight into the FIAU's expectations vis-à-vis transaction monitoring. The guidance note also highlights common transaction monitoring related findings and observations noted during the enforcement and follow-up processes, as well as any key takeaways that emerged therefrom.