Know your transaction (KYT) refers to evaluating and monitoring financial transactions to identify illicit activities. Banks and financial institutions have been historically associated with fraudulent activities, such as money laundering and terrorism financing. However, the pandemic gave rise to such activities, owing to the increase in digitization and the adoption of blockchain technology. The industry must understand how digital transactions can carry information that is hard to follow using the typical monitoring procedures. Financial institutions must implement a robust know your transaction monitoring system to curb these activities and safeguard…
Read MoreBest Practices for Know Your Transaction Compliance Program
