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
AML / Fraud Monitoring and Prevention | Covers monitoring transactions for risk indicators, identifying unusual patterns, and educating customers on fraud prevention | |
AML / Fraud Detection Process | Involves identifying suspicious transactions, verifying activities with customers, and collecting supporting documentation | |
AML / Fraud Response | Includes freezing transactions, conducting investigations, resolving issues, and reporting to authorities | |
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