TQ7.1: Identify three of the advantages of automated transaction monitoring. TQ7.2: Why is it important that human personnel be involved in the monitoring process even when there is an automated system in place? TQ7.3: Who should ideally set the parameters of an automated transaction monitoring system? TQ7.4: What kinds of circumstances should lead to changes in the operation of a transaction monitoring system? TQ7.5: Identify at least two precautions banks and financial institutions should take when dealing with politically exposed persons (PEPs).

The Wolfsberg Group, Wolfsberg Statement on AML Screening, Monitoring and Searching 2009 Hong Kong Monetary Authority (2008), Good Practices on Transaction Monitoring Hong Kong Monetary Authority, Guidance Paper: Transaction Screening, Transaction Monitoring and Suspicious Transaction Reporting, December 2013 Deanne Murray, AML Best Practices Should Focus on Proactive Detection, Not Defensive Monitoring, FEI Daily, April 18, 2018 EY, Effective Screening Controls for Sanctions and AML Risk Management The Wolfsberg Group, Wolfsberg Guidance on Politically Exposed Persons (PEPs), 2017