There are clear rules requiring companies to investigate and report suspicious transactions or take further evidence of identity for transactions over a prescribed limit. For banks and building societies that might be processing high volumes of transactions recognising when a transaction might be suspect can be challenging.
Identifying transactions that are below the reporting limit that might be linked and hence suspicious can be difficult. Also fraudsters might attempt to disguise transactions which are laundering money, such as property purchases, in such a way that it is difficult to identify the real purpose.
e-Solutions can assist in tracking and linking various customers, staff and transactions. The rules and reporting that can be deployed can show linkages which might be more challenging to identify through more traditional approaches.
It is also possible to monitor whether an account or customer is subject to sanctions and should have their account frozen in line with Bank of England requirements.