18 Jan Prevent suspicious transactions
In Suriname, as is well-known, a lot of cash is still in circulation. Cash money that is also regularly offered at a bank. The banks are subject to the regulations of the Unusual Transactions Act, in order to prevent issues such as money laundering and corruption.
When you make a transaction, you have to report it. Roughly speaking, there are two criteria: an objective criterion where the transaction exceeds a certain amount and a subjective criterion, whereby the compliance department of the bank can see that something is not right with the transaction.
A bank wants to know whether the transactional behavior of a customer is in line with what one knows about that customer. They want to gain a deeper insight into the nature of the (cash) transactions in order to get a clear picture of which transactions should be regarded as suspicious and therefore need further investigation.
Of course there is data related to these cash transactions available, think of data such as:
- Customer’s branch;
- Customer size
- Origin client (residents, non-residents);
- Age of the customer.
Consulytic can give you insight into your cash transactions by organizing and presenting them in a number of different ways. Which these perspectives are and how this information is presented is determined in close consultation. Interested? Contact us.