Here are the characteristics of an effective transaction monitoring program:An effective transaction monitoring program is based on the Business Risk Assessment (BRA) performed by the business, taking into account its money laundering, terrorist financing, and proliferation financing risksAn ongoing monitoring program is regularly audited and maintained to ensure that it effectively operates and helps keep risks within the risk appetite of a business, and applies to all transactions and services provided by a businessIt helps identify and mitigate ML/TF issuesIt establishes accountability to ensure that the money laundering and terrorist financing typologies are reviewed in a timely mannerAn effective transaction monitoring program is regularly managed to ensure that red flags are appropriately addressed and risk-adjustedIt ensures that the business relationship is always monitored