What is the difference between AML Monitoring and Fraud Monitoring

Question

Accepted Answer

AML Monitoring focuses on detecting and preventing money laundering activities, while Fraud Monitoring focuses on identifying and preventing fraudulent transactions.

AML Monitoring is primarily concerned with identifying suspicious financial activities that may be indicative of money laundering.
Fraud Monitoring is primarily concerned with detecting and preventing fraudulent transactions or activities.
AML Monitoring involves analyzing customer transactions, monitoring for patterns or behaviors that may indicate money laundering, and reporting suspicious activities to regulatory authorities.
Fraud Monitoring involves analyzing transaction data, identifying unusual or suspicious patterns, and taking action to prevent fraudulent activities.
Examples of AML Monitoring include monitoring large cash deposits, tracking transactions involving high-risk countries, and identifying structuring or layering techniques used to hide the source of funds.
Examples of Fraud Monitoring include detecting unauthorized credit card transactions, identifying account takeover attempts, and flagging suspicious online purchases.

Accepted Answer

In fraud monitoring we only monitor debit but in aml monitoring both debits as well as credits are also observed

What is the difference between AML Monitoring and Fraud Monitoring

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