Transaction monitoring is essential for financial institutions in order to detect risks of money laundering and terrorist financing effectively. Institutions are required to take appropriate measures, such as reporting executed or proposed unusual transactions without delay, and reviewing the customer's risk profile.
The document provides guidance on the design and improvement of the transaction monitoring process. It is based on the main findings from our 2016 examination into post-event transaction monitoring at banks. Due to the permanently raised terror threat level in the Netherlands and Europe, we gave extra attention to transaction monitoring on risks of terrorist financing. We have compiled specific good practices for terrorist financing risks.
Feedback from the sector
We have a very positive impression of our cooperation with the institutions and are grateful to them for their professional feedback to help us compile our guidance document. We want to emphasise the importance of the views provided by the sector and the Dutch Banking Association for improving the quality of transaction monitoring across the sector.
You will find more information in Dutch on our Open Book on Supervision pages.