Transaction Monitoring

Transaction monitoring is a core AML/CTF obligation. You must have systems and procedures to detect threshold transactions, suspicious activity, and unusual patterns. Verifia's monitoring module provides configurable rules, automated alerting, and structured decision workflows.

Recording transactions

Manual entry

1. Navigate to Transactions from the sidebar
2. Click Record Transaction
3. Enter the transaction details:
   • Customer — the customer involved in the transaction
   • Amount and currency — the transaction value
   • Payment method — cash (physical currency), electronic transfer, virtual asset, cheque, card, or mixed
   • Date — when the transaction occurred
   • Description/purpose — the nature and purpose of the transaction
   • Industry-specific fields — e.g., invoice reference and instalment plan ID for precious metals dealers; property details for real estate

Bulk import

For businesses with high transaction volumes:

1. Click Import Transactions
2. Upload a CSV or Excel file with transaction data
3. Map your file columns to Verifia's fields
4. Review the import preview and confirm

Monitoring rules

Verifia comes pre-configured with industry-appropriate monitoring rules. Rules are active by default and can be customised by the Compliance Officer.

Standard rules (all industries)

Precious metals — additional rules

Custom rules

You can create additional monitoring rules tailored to your business:

1. Navigate to Settings > Monitoring Rules
2. Click Add Rule
3. Configure the trigger conditions (customer attributes, transaction attributes, thresholds, time windows)
4. Set the alert priority and action type

Custom rules should be informed by your risk assessment and any industry-specific ML/TF typologies identified by AUSTRAC.

Alert management

When a monitoring rule triggers, an alert appears in the Alert Workbench:

1. Navigate to Alerts from the sidebar
2. Alerts are sorted by priority (Critical, High, Medium, Low) and age (oldest unresolved first)
3. For each alert, review the transaction details, customer context, and the rule that triggered it
4. Take action:
   • Investigate — review additional transaction history and customer information to form a view
   • Dismiss — mark as a false positive with a documented reason (your rationale must be recorded)
   • Escalate — flag for senior review or Compliance Officer assessment
   • Create SMR — initiate a Suspicious Matter Report if you form a suspicion
   • Create TTR — initiate a Threshold Transaction Report if the threshold is met

Escalation workflow

When escalating an alert, the system guides you through a structured decision:

1. Select a decision:
   • Proceed with service — you have investigated and are satisfied there is no ML/TF concern
   • Apply additional controls — proceed but with enhanced monitoring or other safeguards
   • Escalate to SMR — you have formed a suspicion and will file a report
   • Refuse service — CDD or other concerns mean the service should not be provided
2. Document the rationale — explain why you reached this decision
3. Record any risk factors identified during the investigation
4. The decision, rationale, and supporting information are recorded in the audit trail

Every alert must be resolved — either dismissed with a documented reason or actioned. Unresolved alerts affect your Compliance Health Score.

Filing reports from alerts

When an alert warrants a report:

1. Click Create SMR or Create TTR from the alert
2. Verifia pre-fills the report with transaction and customer data from your records
3. Review, supplement, and finalise the report
4. For legal practitioners: the LPP assessment step is automatically inserted before submission
5. Submit to AUSTRAC
6. The alert is linked to the report in the audit trail, creating a clear chain from detection to reporting

See Reporting Obligations for details on report types, deadlines, and the tipping-off prohibition.