AMLG 4.2.1 What is ongoing monitoring?

Ongoing monitoring, in relation to a customer of a firm, consists of:

(a) scrutinising transactions conducted under the business relationship with the customer to ensure that the transactions are consistent with the firm's knowledge of the customer, the customer's business and risk profile, and, where necessary, the source of the customer's wealth and funds; and
(b) reviewing the firm's records of the customer to ensure that documents, data and information collected using CDD and ongoing monitoring for the customer are kept up-to-date and relevant.
Derived by QFCRA RM/2019-9 (as from 1st February 2020)