What Is Transaction Monitoring & Why Do You Need It?
What Is Transaction Monitoring & Why Do You Need It?
May 7, 2018

The fundamentals of a transaction monitoring system is to identify and protect a financial service center from transactions that are not compliant with the Bank Secrecy Act (BSA), anti money laundering (AML) rules and regulations and the Office of Foreign Assets Control (OFAC).

A transaction monitoring system is necessary because it is almost impossible to safeguard your business without one.

Transaction Monitoring Benefits:

  • Identify High Risk Activity
  • Protect Your Business
  • Maintain Your Banking Relationship



Depending on the size of your institution, you might be sorting through transactions manually, but if you have multiple location, brands and products, you will need an automated system to provide a deeper level of protection.


Compliance IQ is an automated transaction monitoring tool that was developed specifically for cash based businesses. The highly comprehensive tool allows you to set the business rules and is fully compliant with current and trending rules and regulations.

Compliance IQ Features:

  • Red Flag Identification
  • KYC Screening
  • Automatic CTR/SAR Filing
  • Case Management for Back-End Review
  • Real-Time Data Aggregation (Across Multiple Locations, Brands & Products)


Compliance IQ is available through the Compliance Management Portal which already hosts services such as automated employee training, document storage, calendar reminders, monitoring logs and now Compliance IQ automated transaction monitoring.


Recently the New York Department of Financial Services (NY DFS) set a precedent with Part 504, by requiring all financial service centers to certify they have adopted a transaction monitoring system by April 2018. More states are forecasted to follow.

It is imperative to protect your business by identifying high risk activity and reporting criminals and terrorists to the proper agencies. Automated transaction monitoring makes that cumbersome task simple.  

For help with your transaction monitoring plan, contact us.

(855) 922-4325


About the Author

Julie Sepulveda
Marketing Coordinator

I have a passion for design, organization and family.

Posted in: Compliance News, Service Highlight
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