However, it also takes a lot of resources. It is one of the most important fair business practices. It enables businesses to stop, identify, look into, and report suspicious activities suggestive of fraud, money laundering, and financing of terrorism. What is Anti-Money Laundering Software?ĪML software refers to any software that helps companies stay in compliance with anti-money laundering regulations. To understand the full effect of why transaction monitoring is essential, we also need to explain the gist behind AML (Anti-Money Laundering) practices. Transaction monitoring can help see patterns as well as flag down any suspicious activity as soon as it happens. Such monitoring helps financial institutions create clear pictures of customer activity which in turn helps combat financial crimes. This includes transfers, withdrawals and deposits. As the name suggests, transaction monitoring deals with keeping track of financial transactions made by clients.
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