banking compliance

Banking Compliance: Roles, Responsibilities and Why It Matters

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banking compliance

What Is Banking Compliance? Banking compliance is the process of ensuring that a bank conducts its business in accordance with applicable laws, regulations, regulatory instructions, internal policies and appropriate standards of conduct. In practical terms, banking compliance involves identifying the requirements that apply to a bank’s activities, establishing appropriate controls and procedures, monitoring whether those … Read more

What Makes a Bank Transaction Look Suspicious?

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What Makes a Bank Transaction Look Suspicious

What makes a bank transaction look suspicious is usually not the transaction amount alone. A transaction may attract attention when it does not appear consistent with the customer’s known profile, normal account activity, stated source of funds or expected business purpose. This does not mean that an unusual transaction automatically means money laundering or financial … Read more

Why Banks Ask About the Source of Funds

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Why banks ask about the source of funds

If a bank asks you about the source of funds in your account, it does not necessarily mean that the bank considers you suspicious. In many situations, the question is part of the bank’s customer due diligence and ongoing transaction-monitoring responsibilities. Banks need to understand their customers, the nature and purpose of their accounts, their … Read more