Skip to end of metadata
Go to start of metadata

You are viewing an old version of this page. View the current version.

Compare with Current View Page History

« Previous Version 4 Next »

 MENU

Author

TBC

Version

1.0

Classification

Public

1. AML / Fraud Management Components

LFIs and TPPs must follow rigorous procedures to detect, prevent, and manage AML / fraud effectively

image-20240703-115431.png

AML / Fraud Monitoring and Prevention

Covers monitoring transactions for risk indicators, identifying unusual patterns, and educating customers on fraud prevention

image-20240703-115537.png

AML / Fraud Detection Process

Involves identifying suspicious transactions, verifying activities with customers, and collecting supporting documentation

image-20240703-115612.png

AML / Fraud Response

Includes freezing transactions, conducting investigations, resolving issues, and reporting to authorities

image-20240703-115756.png

Liability for Fraud

Addresses determining liability according to standards and ensuring proper record retention

2. AML / Fraud Monitoring and Prevention

2.1 Monitoring and Prevention

Monitoring Transactions for Risk Indicators

  • LFIs should continuously monitor transactions for potential AML / fraud indicators

  • Conduct standard screening for payments, including assessing risk based on the provided transaction data, OF Risk Data Block, customer behavior, and device information

Key Risk Indicators

  • Unusual transaction patterns or amounts

  • Transactions from new or unverified devices

  • High-risk locations or merchants

Data Points to be Monitored

  • No labels