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  • Automated Transaction Monitoring

    • FC-2.2.3

      Insurance licensees must consider the need to include automated transaction monitoring as part of their risk-based monitoring systems. In the absence of automated transaction monitoring systems, all transactions above BD 6,000 must be viewed as 'significant' and be captured in a daily transactions report for monitoring by the MLRO or a relevant delegated official, and records retained by the insurance licensee for five years after the date of the transaction.

      Amended: January 2007
      Amended: October 2007
      Amended: April 2008

    • FC-2.2.4

      The CBB would expect larger insurance licensees to include automated transaction monitoring as part of their risk-based monitoring systems. See also Chapters FC-3 and FC-6, regarding the responsibilities of the MLRO and record-keeping requirements.

      Amended: January 2007