Auditing the AML/CTF Transaction Monitoring System

Jon W Harvey

This paper describes an approach to performing an audit of the Transaction Monitoring (TM) system. Advances in the tools and techniques used in the TM system can make the audit seem quite daunting, but it shouldn’t. The paper describes the concepts, controls and checks performed to obtain assurance that the system is appropriately configured, effective and efficient in monitoring for the risks faced by the organization.

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