Transaction monitoring is crucial for several reasons:
Compliance: Businesses must comply with various regulations such as the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws. Transaction monitoring helps in identifying and reporting suspicious activities to the relevant authorities. Risk Management: It helps in identifying potential risks such as fraud, money laundering, and other financial crimes, allowing businesses to take proactive measures to mitigate these risks. Customer Trust: By ensuring the security of financial transactions, businesses can build and maintain trust with their customers.