Definition: Banking accounts monitoring is an IT concept that involves the use of technology to track, analyze, and manage the activities and transactions in a bank account. It is a crucial aspect of modern banking systems, helping to enhance security, detect fraud, and improve customer service. Source: Investopedia Source reference: https://www.investopedia.com/terms/a/account-monitoring.asp Additional information: Banking accounts monitoring is a critical component of financial institutions' operations and risk management strategies. It involves the use of sophisticated software and algorithms to monitor transactions and account activities in real-time. This helps to detect any unusual or suspicious activities, such as large withdrawals, frequent transfers, or transactions from unfamiliar locations, which could indicate potential fraud or money laundering. Additionally, account monitoring systems can also provide valuable insights into customer behavior and preferences, enabling banks to tailor their services and offerings accordingly. These systems can also help to ensure compliance with regulatory requirements, such as those related to anti-money laundering (AML) and know your customer (KYC) procedures. Example: Examples of application include real-time fraud detection systems that alert the bank and the customer when suspicious transactions are detected. Another example is customer behavior analysis tools that use account monitoring data to predict customer needs and preferences, enabling the bank to offer personalized services and products. Additionally, regulatory compliance software often uses account monitoring data to ensure that the bank is adhering to all relevant laws and regulations, such as AML and KYC requirements. LOST view: OV-Digital Public Services Catalogue Identifier: http://data.europa.eu/dr8/egovera/BankinngAccountsMonitoringBusinessService EIRA traceability: eira:DigitalPublicBusinessService ABB name: egovera:BankinngAccountsMonitoringBusinessService EIRA concept: eira:ArchitectureBuildingBlock Last modification: 2023-07-27 dct:identifier: http://data.europa.eu/dr8/egovera/BankinngAccountsMonitoringBusinessService dct:title: Bankinng accounts monitoring Digital Public Service