Ongoing AML monitoring is crucial for regulating the business environment and combating money laundering activities. Organizations that fail to adhere to the ongoing screening operations face severe reputational damage.
Ongoing AML monitoring aims to examine the customer's financial behavior throughout the entire business lifecycle, ensuring secure operations and compliance with regulations. Basic identity checks insufficiently protect against illicit activities.
The effective identification of high-profile entities during ongoing AML monitoring requires integrating automated strategies and employing a risk-based approach to screen customers based on their specific risk profiles.
In 2023, 516 money laundering cases were observed in Spain, underscoring the necessity of screening customer transactions continuously to minimize future illicit financial activities.
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