THE NEED FOR PROPER TRANSACTION MONITORING IN THE TRUST SERVICE PROVIDER COMPANIES IN THE NETHERLANDS

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Published: Dec 2, 2021

  Diana Liepa

Abstract

The transaction monitoring process plays a vital role in combating money-laundering and terrorism  nancing. The Dutch trust service providing companies are dealing with the execution of the transactions on daily basis and are required to implement proper, de ned 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.

How to Cite

Liepa, D. (2021). THE NEED FOR PROPER TRANSACTION MONITORING IN THE TRUST SERVICE PROVIDER COMPANIES IN THE NETHERLANDS. Baltic Journal of Legal and Social Sciences, (2), 4-9. Retrieved from http://www.baltijapublishing.lv/index.php/bjlss/article/view/1354
Article views: 29 | PDF Downloads: 52

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Keywords

transaction monitoring, unusual transaction, trust service company, anti-money laundering, compliance, FIU

References
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Issue
No. 2 (2017): Baltic Journal of Legal and Social Sciences