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What are the cornerstones of effective transaction monitoring?

Effective Customer Due Diligence (<a href="/glossarycollection/customer-due-diligence" style="color:#48277C;" target="_blank" title="Customer Due Diligence"><u>CDD </u></a>) and Know-Your-Customer (<a href="/glossarycollection/know-your-customer" style="color:#48277C;" target="_blank" title="Know Your Customer"><u>KYC</u></a>);<br/><br/>

Risk prioritisation and grouping;<br/><br/>

Transaction profiles;<br/><br/>

Documentation and record keeping;<br/><br/>

Risk awareness;<br/><br/>

Reassessment of previous transactions;<br/><br/>

Governance - transaction monitoring policy and and procedure documents.

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