Why is Record-Keeping of Customer Identity and Transactions necessary?
It is vital to Record Keeping of Customer Identity and Transactions necessary to comply with the Anti-Money Laundering rules & regulations. Firms required to abide by the rules must keep records to help deter money laundering activities.
What is Record-Keeping?
What Type of Records are required to be maintained?
Internal and External Suspicion Reports
How to Maintain Customer Identity and transaction records?
We at AML UAE offer advanced solutions that help organisations comply with AML regulations. After customer screening on different parameters such as PEP, UBO, and Sanction, organisations can create reports of the query results with structured data. The report displays all the updated information about the scanned persons. Also, during the audit process, these queries can be viewed and analysed, which act as strong evidence of the record-keeping activities and presented to the regulators.
Transaction Monitoring software immediately detects any suspicious element in the database during transaction verification. The compliance team can instantly detect any fraudulent activity and report it to the respective institution. Get in touch with AML UAE to know more about the AML software.
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About the Author
FCA, CAMS, CISA, CS, DISA (ICAI), FAFP (ICAI)
Pathik is a Chartered Accountant with more than 22 years of experience in compliance management, Anti-Money Laundering, tax consultancy, risk management, accounting, system audits, IT consultancy, and digital marketing.
He has extensive knowledge of local and international Anti-Money Laundering rules and regulations. He helps companies with end-to-end AML compliance services, from understanding the AML business-specific risk to implementing the robust AML Compliance framework.