FINANCIAL MONITORING IN UK

FINANCIAL MONITORING IN UK

An important aspect for the prevention of money laundering is that the money obtained by illegal means is not illegally introduced into cashless payment transactions and thus creates the impression of the legal origin of its acquisition. To facilitate the fight against money laundering, banks, savings banks and other entities providing financial services are required to verify the source of funds for large payments. To this end, banks and other financial institutions must implement comprehensive security measures. Each bank can decide for itself what measures it takes and when it considers it necessary to check the legality of the origin of the cash. The Federal Financial Supervisory Authority (BaFin) coordinates the activities of banks and other financial service providers in this area.

What is Transaction Monitoring in Banks?

Transaction monitoring is the means by which a bank monitors its customers’ financial activity for signs of money laundering, terrorism financing, and other financial crimes. The transaction monitoring process should allow banks to understand who their customers are doing business with and reveal important details about the transactions themselves: how much money is involved, where it is being sent, and so on. Transaction monitoring in banks is an important part of an AML/CFT framework because it enables them to keep pace with criminal methodologies and ensure that they are fulfilling their risk-based compliance obligations.

With that in mind, to implement effective transaction monitoring, banks should seek to capture the following data:

• The volume of money involved in customer transactions
• The frequency with which customers engage in transactions
• The senders and recipients of transactions funds
• The geographical origin and destination of funds involved in a transaction
• The correlation between a transaction and a customer’s expected financial behaviour
• The involvement of high-risk factors in a transaction, such as sanctions targets, politically exposed persons, or ‘black list’ jurisdictions.

Our bank lawyer will advise you on the following issues:

• What amount of funds can be deposited in a Brirtish bank account?
• What to do when the bank requested documents on the origin of funds?
• What documents confirm the origin of funds?
• Where to get documents confirming the origin of funds?
• What to do if there are not enough documents about the origin of the funds?
• How to withdraw (return) blocked funds in a British bank?
• How to close a bank account?
• How to legally bypass financial monitoring in UK?
• What to do if there is no source of funds?
• How to pass financial monitoring in a British bank?

A lawyer (lawyer) in the field of banking in UK is one of our main job profiles.