45. Ongoing monitoring is an essential aspect of effective and sound ML/FT risk management. A bank can only effectively manage its risks if it has an understanding of the normal and reasonable banking activity of its customers that enables the bank to identify attempted and unusual transactions which fall outside the regular pattern of the banking activity. Without such knowledge, the bank is likely to fail in its obligations to identify and report suspicious transactions to the appropriate authorities. Ongoing monitoring should be conducted in relation to all business relationships and transactions, but the extent of the monitoring should be based on risk as identified in the bank risk assessment and its CDD efforts. Enhanced monitoring should be adopted for higher-risk customers or transactions. A bank should not only monitor its customers and their transactions, but should also carry out cross-sectional product/service monitoring in order to identify and mitigate emerging risk patterns.