The need for proper transaction monitoring in the trust service provider companies in the Netherlands
The need for proper transaction monitoring in the trust service provider companies in the Netherlands

Summary/Abstract: The transaction monitoring process plays a vital role in combating money-laundering and terrorism financing. The Dutch trust service providing companies are dealing with the execution of the transactions on daily basis and are required to implement proper, defined and uniform policies procedures in order to be able to timely detect the possible unusual and/or suspicious transactions and report them to the national Financial Intelligence Unit. The effective transaction monitoring policies should contain systematic controls, processing of data, analyzing and matching such data with possible risk factors, certain measures for detecting and preventing the transaction being executed. The trust companies should integrate such transaction monitoring policies in their daily business and consider such compliance policies as integral part of the business.

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