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Expert Guide on Transaction Monitoring Helps Businesses Combat Fraud and Maintain Compliance

Global tech company Sumsub has partnered with cloud-native financial services platform Pismo to produce the Complete Guide to Transaction Monitoring, a resource for companies in the fintech, banking, insurance, gambling, and e-commerce sectors. Transaction monitoring is an essential component of a verification system, helping businesses assess risks and detect suspicious activities.


The guide aims to help businesses spot transaction fraud, maintain full compliance, optimize user conversion rates, and bolster defenses. Failure to comply with anti-money laundering (AML) regulations can lead to heavy fines, reputational damage, and license revocation.


The guide includes descriptions of the AML legal framework for transaction monitoring in the UK, US, and EU, and outlines record-keeping requirements. Businesses across various industries can benefit from transaction monitoring, which automatically detects signs of suspicious activity and fraudulent patterns.


The guide includes recommendations on how to build transaction monitoring rules, along with checklists to guide companies in choosing the best transaction monitoring solution. Sumsub's CTO, Vyacheslav Zholudev, said that transaction monitoring is a "new must in verification" that, when combined with user, business, and transaction verification, provides a complete picture of user profiles and can intercept even the most sophisticated fraud attacks.


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