What does a transaction monitoring committee do?

Transaction monitoring operations comprise a committee, policy and procedures, department and data management.

What does a transaction monitoring committee do?
A . The committee is following the policy and detailed procedures for the management of transaction
monitoring for the financial institution.
B. The committee is responsible for managing the global standards and guidelines for the transaction monitoring component of the AML/CTF Compliance program of the financial institution. It ensures that the transaction monitoring program is globally consistent, effective and sustainable as it regards typology, maintenance, and tuning.
C. The committee is responsible for ensuring that there is a service level agreement in place with every front line unit, the information technology department and operating unit that is responsible for sending data for transaction monitoring.
D. The committee is responsible for ensuring that there is a service level agreement in place with each unit, the information technology department and operating unit that is responsible for sending data for transaction monitoring.

View Answer

Answer: B

Explanation:

The committee is responsible for managing the global standards and guidelines for the transaction monitoring component of the AML/CTF Compliance program of the financial institution. It ensures that the transaction monitoring program is globally consistent, effective and sustainable as it regards typology, maintenance and tuning.