Knowing the customer - Businesses need to have a clear understanding of the business activities of their customers.  This will include the financial services of the customer or any person on whose behalf the customer is acting.  Information concerning the financial circumstances and the normal business activities of a customer should be kept up to date and any changes, or additional information obtained, should be recorded in the customer's file.  Effective use of customer information should be made when assessing whether a transaction or instruction is suspicious.  

Transaction Monitoring - If a significant proportion of your business is operated electronically, computerised monitoring systems that are designed to recognise unusual transactions and related patterns of transactions may be necessary to assist in recognising suspicious activity.

Politically Exposed Persons - Accounts that fall into this category should be regularly monitored by a senior account manager for transactions or series of transactions above a pre-determined limit. Know your customer procedures can assist in recognising when there is no logical answer to newly acquired wealth or source of funds.

Suspicious Transaction Reporting - There are two main reasons why a business should disclose details of suspicious transactions to law enforcement bodies.  The first is essentially a moral one.  The second reason is that of self-interest - protecting reputation and against regulatory penalties.  By disclosing suspicious transactions to the authorities, a business will be able to put itself in a safer position.