Regulatory Alerts2022-11-24
Added · Updated
Transaction monitoring requirements for account information services (service 8)
Account information service providers (AISPs) must monitor transactions conducted by customers to prevent money laundering and terrorist financing, as required by Section 3(2) of the Anti-Money Laundering and Anti-Terrorist Financing Act. Monitoring must be risk-based, utilizing aggregated data from multiple sources to identify unusual features such as transactions involving high-risk jurisdictions, large sums without economic rationale, or patterns suggesting threshold evasion. The intensity of monitoring varies with the number of applicable risk factors, allowing for less intensive measures for AISPs compared to traditional banks due to the lower inherent risk of the service.
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