Transaction Monitoring

The main goal of transaction monitoring is to provide the bank with the data required for Financial Crimes Oversight. This includes information on cardholders, businesses, cards, transactions, and beneficial owners.

Data Required

• Cardholder:Individuals with a legal name, phone number, address, date of birth, etc., associated with an account/card.
• Business:A registered legal business entity with a name, address, and TIN.
• Cards:Represents all relevant data associated with a payment card issued to a customer. This includes detailed information such as the card number, customer ID, open date, expiration date, card status, and current balance.
• Transactions:Represents all relevant data associated with financial transactions made using a payment card issued to a customer. This is crucial for tracking and managing the financial activities associated with the card.
• Beneficial Owners: The bank must identify and verify the identity of beneficial owners and control persons of each legal entity customer when an account is opened and throughout the relationship. This includes collecting beneficial ownership information for any individual or entity with at least 25% equity interest in the legal entity customer.

Initial Set-Up Steps

Engagement and Overview:

Implementation documents are provided to the program manager that details information on the data requirements for transaction monitoring. This will include the file specifications, transaction type templates, testing requirements, and how data errors are handled.

Next Steps:

A scheduled call with the program manager to discuss the implementation documents, provide implementation timelines, and talk about the testing process.

Path to Production

Complete Sign-Off:

Obtain complete requirements sign-off from the program manager.

Implementation and Testing:

The program manager will fully implement all agreed-upon files with end-to-end testing in UAT and Production.

Post-Production Monitoring

Issue Resolution:

If there is an issue with the files, our client success team will then work with the client for resolution.

Exception Handling:

If an exception item is identified (e.g., missing SSN or Invalid Address), it will be escalated to our client success team, which will then work with the program manager for resolution.