what is difference between aml monitoring and transaction monitoring. Job responsibilities.

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AML monitoring focuses on identifying and preventing money laundering activities, while transaction monitoring involves monitoring individual transactions for suspicious or fraudulent activities.

AML monitoring is a broader process that involves monitoring customer behavior and transactions to detect and prevent money laundering.
Transaction monitoring is a subset of AML monitoring and focuses on monitoring individual transactions for suspicious or fraudulent activities.
AML monitoring involves analyzing customer profiles, transaction patterns, and other data to identify potential money laundering activities.
Transaction monitoring involves monitoring individual transactions in real-time or retrospectively to identify any suspicious or fraudulent activities.
Examples of AML monitoring include analyzing large cash transactions, monitoring wire transfers, and identifying patterns of structuring deposits.
Examples of transaction monitoring include flagging transactions that exceed certain thresholds, monitoring for unusual transaction patterns, and identifying potential fraudulent activities.
As a Team Lead, the job responsibilities may include overseeing the AML and transaction monitoring processes, ensuring compliance with regulations, training and mentoring team members, and analyzing and reporting on suspicious activities.
The Team Lead may also be responsible for implementing and enhancing monitoring systems, conducting investigations, and collaborating with other departments or external agencies.

what is difference between aml monitoring and transaction monitoring. Job responsibilities.

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