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Originally Posted by Unregistered
Isn't transaction monitoring considered under or a part of investigations? Or by investigators, do you mean level 3 transaction monitoring? The FIU?
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Quote:
Originally Posted by Unregistered
Actually what does AML investigation do exactly? Isnt transaction monitoring doing the investigation already?
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L1, L2 and L3 TM vary from institution to institution. Only bigger FIs will have a segregation between TM and investigations. For smaller FIs, it a 1-stop shop. TM covers alerts generated from transaction monitoring, whereas investigation covers potentially suspicious activities/clients from all ranges (front office escalation, name screening,
MAS checks, etc), including TM. Investigation will also be the final party to file the STRs.
The term FIU is now loosely used as the job scope of each team of FIU vary from one FI to another FI. You would actually have to READ the job description, to have a better understanding, on what each functions does.