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KEY CHALLENGES

A financial institution is concerned that although it believes it Sanctions Screening system is in good working order, it is limited by the data that is being sent to it. Screening systems can manage to work around certain miss-spelling & different data formats, but they are limited in that capacity.

The bank requires:

An understanding of where it is within the industry regarding its legacy data.
Which records need data remediation.
Which fields have formats that could cause screening to be non-optimal.

SQA PROPOSED SOLUTION

SQA Consulting has a data profiler tool that has been optimised for addressing KYC attributes that may affect screening operations: The SQA Data Profiler.

The Data Profiler can be installed on a client laptop/desktop & has no server infrastructure to worry about. Data profiling is an activity that is normally completed within a single day, even for KYC files in the tens of millions of records.

The Data Profiler has special tuning to look at information such as Personal Name, Company Name, Date of Birth, Address, Country of Address, Nationality, ID Number as well as many others.

As each record is processed a KYC score is created based on the completeness of the information within the record, for example, points are scored for having a personal name but deducted for having middle initials, or leading initials, trailing initials, a title, or suffix on the name, or even having non-letters or multiply repeated letters. An overall KYC score is created for the customer set which can be compared to other similar institutions on our data quality benchmark.

SOLUTION BENEFITS

A report of observations is delivered with different types of data anomalies grouped into each observation. Recommendations on further action are given & management responses are recorded so that a data report is created suitable to show proper due diligence to a regulator. A detailed report of records that need remediation is created for further work by the organisation.

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"The Regulatory Technology Solutions Notify platform has been a game-changer for our compliance team. Its real-time alerts and customisable notifications have helped us stay ahead of emerging risks."

"We are extremely impressed with RegTech's Global Risk Modeller. Its advanced analytics and predictive capabilities have significantly enhanced our risk assessment processes."

"RegTech's Data Profiler is an invaluable tool for our compliance efforts. Its comprehensive data analysis features have helped us identify potential compliance gaps and address them proactively."

"Choosing Regulatory Technology Solutions Screening Assessment Centre was a strategic decision for our organisation. Its efficient screening capabilities and customisable risk scoring have improved our compliance efficiency."

"RegTech's Strategic List Management solution has simplified our compliance operations. Its centralised list management and automated updates have saved us valuable time and resources."

"Regulatory Technology Solutions AML consulting services have been instrumental in strengthening our compliance framework. Their expert guidance and tailored solutions have helped us navigate regulatory challenges effectively."

"We highly recommend RegTech's Notify platform to any organisation serious about compliance. Its intuitive interface and real-time monitoring capabilities provide invaluable insights into potential risks."

"RegTech's Global Risk Modeller has exceeded our expectations. Its advanced algorithms and scenario analysis tools have helped us assess and mitigate risks more effectively."

"Regulatory Technology Solutions Data Profiler is an essential tool in our compliance arsenal. Its robust data analytics and profiling capabilities have enhanced our due diligence processes significantly."

"Regulatory Technology Solutions Strategic List Management solution has simplified our list management tasks. Its centralised repository and automated updates ensure that we are always up-to-date with regulatory requirements."

"RegTech's AML consulting services have been invaluable to our organization. Their deep industry knowledge and strategic guidance have helped us develop a robust compliance program."

"Regulatory Technology Solutions Notify platform provides real-time insights into potential risks. Its proactive alerting system and customizable risk thresholds have helped us prevent financial crime effectively."

"RegTech's Global Risk Modeller offers comprehensive risk assessment capabilities. Its scenario analysis and risk scoring tools have helped us prioritise our compliance efforts."

"Regulatory Technology Solutions Data Profiler is a powerful tool for data analysis. Its advanced profiling algorithms and data visualization features have helped us uncover hidden compliance risks."

"RegTech's AML consulting services have provided invaluable insights into regulatory compliance. Their expertise and strategic guidance have helped us strengthen our compliance framework."

"Regulatory Technology Solutions Data Profiler is an essential component of our compliance toolkit. Its data analysis features and customizable profiling criteria have helped us enhance our due diligence processes."

"Regulatory Technology Solutions Screening Assessment Centre has improved our screening efficiency. Its advanced screening algorithms and automated decision-making have reduced false positives and improved accuracy."

"RegTech's AML consulting services have been instrumental in enhancing our compliance framework. Their expert guidance and tailored solutions have helped us develop a proactive approach to compliance management."

"RegTech's Screening Assessment Centre has improved our screening accuracy. Its advanced screening algorithms and configurable workflows have helped us streamline our screening processes."

Data profiling for customer sanctions screening

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