Transactions monitoring

AML transaction monitoring is an important control for financial institutions to identify and report indications of potential money laundering, terrorism financing or fraud activities. It is also a regulatory requirement to remain compliant with AML controls. AML transaction monitoring often is a pain point of financial institution, as it must be efficient, effective, and regularly revised. The infrastructure of transaction monitoring system is often complex and includes many elements for consideration. Alert investigation must be intelligent and the analysts must be equipped with a proper guidance. Regular management reports and quality assurance must be conducted to ensure integrity.

By the end of this training, the participants will be able to:

• understand the concept of transaction monitoring
• understand the AML risk coverage requirements
• understand indicators of risk for different financial crime typologies
• understand regulatory and reporting expectations

• This module covers the following:
• What is the role of AML transaction monitoring in financial crime prevention?
• How is effective transaction monitoing control implemented?
• What are the main principles of transaction monitoring alerts investigation?
• What are the main obligations in regard of AML transaction monitoring reporting?

This training is coordinated by Michael Weis, partners at PwC Luxembourg and will be given by directors and managers who benefit from a strong professional experience in this area.

Michael Weis is a partner in the forensic services. Through his previous positions and projects, Michael gained extensive knowledge in the investment management and banking industries.

As a key member of the internal controls practice of PwC Michael specialises in the review of internal controls in the context of SAS 70 reviews and controls reports. He is the manager of various high-profile client assignments on internal controls reports and on Anti-Money-Laundering (AML) in the investment management industry.

Within PwC, Michael takes a key role in the AML taskforce and on internal controls work for the prevention of financial crime. He is coordinating the PwC’s Academy's “Fight against financial crime” leading training programme that regularly involves international subject matter experts (e.g. transparency international, UN Security Council, FATF, SCPC, FSA, CSSF etc.).

Through his professional qualifications he specialised in compliance related topics such as internal controls frameworks, fraud prevention/investigation and AML.