Transactions monitoring

• Members of the board and the executive board of a bank, a professional of the financial sector, an insurance company or a management company of a Luxembourg UCI
• Internal auditors, compliance officers or risk managers
• Distributors or transfer agents of a Luxembourg UCI
• Domiciliary agents
• Persons in charge, or front office team members of a PFS
• New joiners of financial and non-financial institutions
• Persons interested for developing specific knowledge

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 institutions, as it must be efficient, effective, and regularly revised.

The infrastructure of the 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, 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 monitoring 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, Partner at PwC Luxembourg and will be given by directors and managers who benefit from a strong professional experience in this area.

Michael leads PwC’s Forensic Services practice and AML taskforce, overseeing investigations, remediation projects, and high-profile AML audits for banks and investment funds. He is the key contact for AML distribution due diligence in asset management and works closely with PwC’s global forensic network on international projects. As certified fraud examiner, Michael is recognized as an AML and forensic expert and actively contributes to industry working groups on fraud at the Institute of Internal Auditors (IIA) and the Institut Luxembourgeois des Administrateurs (ILA). He regularly conducts workshops and training on AML and fraud in Luxembourg and abroad.