At Aerapass, we have a well-defined process for reporting suspicious activities to ensure compliance with AML/CTF regulations and to mitigate potential risks. Our process includes:
Detection and Flagging: Our scenario-based monitoring systems continuously track transactions and customer behavior. When the system detects unusual or suspicious activities, they generate alerts for further investigation.
Initial Review: Our compliance team reviews the alerts to determine if the flagged activity is indeed suspicious. This involves analyzing transaction patterns, customer profiles, and any other relevant information.
Detailed Investigation: If the initial review indicates potential suspicious activity, a more detailed investigation is conducted. This may include gathering additional information from the customer, reviewing transaction histories, and consulting with relevant departments within Aerapass.
Suspicious Activity Report (SAR) Preparation: If the investigation confirms that the activity is suspicious, our compliance team prepares a Suspicious Activity Report (SAR). The SAR includes detailed information about the suspicious activity, the parties involved, and the rationale for our suspicion.
Filing the SAR: The completed SAR is submitted to the relevant regulatory authorities in accordance with legal requirements. We ensure that this process is carried out promptly to comply with reporting deadlines.
Record Keeping: We maintain detailed records of all SARs filed, including the supporting documentation. These records are securely stored and regularly reviewed to ensure compliance with regulatory requirements.
Overall Comment: By following these steps, we aim to ensure that any suspicious activities are promptly and accurately reported, helping to safeguard the integrity of our financial operations