Transaction Monitoring

Overview

This guide provides the data specifications required for transaction monitoring in our BIN Sponsorship program. It outlines the data necessary for Anti-Money Laundering (AML) compliance and explains the key entities involved in transaction monitoring.

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Please note that these lists are not comprehensive.

Engagement and Setup

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Step 1: Initial Engagement

We’ll provide detailed implementation documents outlining data requirements for transaction monitoring. These documents include:

• File specifications
• Transaction type templates
• Testing requirements
• Error handling procedures

File Specification Requirements

The following data is required for transaction monitoring:

File Format

• Type: Pipe-delimited text
• Encoding: UTF-8
• File Extension: .txt

File Naming Convention

• Format: customerfiletype.txt
• Example: customer1_cardholders20240910.txt

Data File Entity Definitions

Cardholder

• The cardholder entity contains personal details of the individual associated with the card, such as legal name, address, phone number, and government-issued ID. Cardholder data is crucial for verifying identity and preventing fraud. For a full list of requirements including data format, naming conventions, data fields, please visit the Cardholder Requirements page.

Card

• The card entity includes data about the payment card issued to the customer, such as card number, open date, expiration date, status, and balance. For a full list of requirements including data format, naming conventions, data fields, validation rules please visit the Card Requirements page.

Posted Transactions

• This entity captures data on all financial transactions made using the card, including merchant information, transaction amount, and date.For a full list of requirements including data format, naming conventions, data fields, validation rules, and examples, please visit the Posted Transactions Requirements page.

Business

• The business entity represents the legal entity issuing the card. It includes business registration details and ensures compliance with regulatory requirements. For a full list of requirements including data format, naming conventions, data fields, validation rules, and examples, please visit the Business Requirements page.

Beneficial Owners

• The beneficial owners' entity includes information on individuals with at least a 25% ownership stake in the business. It provides ownership percentage, identification, and role details. For a full list of requirements including data format, naming conventions, data fields, validation rules, and examples, please visit the Beneficial Owners Requirements page.

Step 2: Kickoff Call

We’ll schedule a kickoff call to review the implementation documents, discuss timelines, and outline the testing process. This serves as a roadmap for the implementation.

Path to Production

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Step 3: Requirements Sign-Off

Before implementation, we’ll need a formal sign-off on all requirements to ensure alignment and readiness to proceed.

Step 4: Implementation and Testing

Once sign-off is complete, you'll begin sending test data in the agreed-upon format via our file transfer process. We’ll conduct thorough end-to-end testing in both UAT (User Acceptance Testing) and Production environments to confirm everything is functioning properly before going live.

Post-Production Monitoring

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Step 5: Issue Resolution

If any issues arise with the files, our team will work with you to resolve them quickly.

Step 6: Exception Handling

If exceptions (e.g., missing SSN or invalid address) are identified, they will be escalated, and we’ll collaborate with you to find a resolution.

Conclusion

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Following these steps will set you up for a successful card-issuing program. Transaction monitoring is essential to providing the bank with the necessary data for Financial Crimes Oversight.