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Transaction Monitoring in Money Laundering – Clean Cash

Updated: May 29, 2023


The article is published by Finnoexpert, a professional news portal platform providing insights into how new technology has vastly improved financial institutions' (FIs) ability to better monitor transactions for suspicious activities and money laundering.

Highlighted in this article are some of the day-to-day challenges faced by FIs in monitoring transactions effectively, such as the increasing complexity of money laundering schemes and the large volume of transactions that need to be analysed.



With newer technology, this has allowed FIs to enhance their transaction monitoring capabilities, including the use of artificial intelligence and machine learning algorithms to identify suspicious patterns and anomalies that further allows for the handling of larger amounts of data, including scanning and analysing bank transfers, credit card payments, and other financial activities at a fraction of the required resources when compared to the past systems.

The article seeks to educate and emphasize the importance of transaction monitoring in detecting fraud, suspicious activities, and money laundering. It also informs how proper implementation of transaction monitoring systems can protect both FIs and their customers from financial, and reputational harm, or criminal prosecution through early detection and mitigation.

The subject is highly relevant as CYS Global Remit Pte Ltd is a major payment institution handling a high volume of both domestic and cross-border payments. This increases our exposure to money laundering and fraud.

To mitigate such risks, CYS Global Remit has already put in place transaction monitoring systems that are highly effective and relevant to the current compliance landscape, to further enhance our current systems, CYS has developed a machine learning-based transaction monitoring and compliance system that builds an understanding of the customers based on their transaction patterns and requirements, which would be used to assess all new transactions to identify and alerting CYS of any suspicious patterns and activities.

Our obligations, however, do not end with the implementation of a transaction monitoring system. CYS Global Remit is committed in ensuring that our staff are well trained and equipped with the necessary skills and knowledge in the detection, assessment, and reporting of suspicious activities and that close relationships are maintained with regulatory authorities, and law enforcement agencies to share information and improve the effectiveness of the overall transaction monitoring efforts.

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