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The divestiture of SQA Consulting's AML division marks the beginning of an exciting new chapter for Regulatory adshjTechnology Solutions as it embarks on its journey to redefine regulatory compliance through innovative RegTech solutions.
Our client, a payments company, had concerns that their transaction monitoring was not effective & could be opening them up to the risk of failing to identify suspicious activity. They were also concerned about their regulatory risk should a regulator investigate & find them to be sub-standard.
A bank performs sanctions screening using some third-party software. Although the screening system appears to be working in that output is created, but the bank quite rightly wants to know if its system: addresses the bank’s risk, is effective, is efficient, is comparable to peer banking institutions.
A major UK retail bank was interested in assessing how effective their customer sanctions screening system was at identifying sanction list names should they occur in their customer base.
SQA Consulting has developed a new screening tool called the Eliminator. This takes your alerts, matches and reprocesses them, applying further logic and rules to eliminate vast quantities of false positives.
SQA Consulting were engaged by a client to assist with the implementation of their new upgraded Screening Solution. In particular, they wanted advice and guidance concerning which screening threshold would work best for them.
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Understanding your Sanctions exposure in relation to customers, transactions and business is vitally important in today’s fast-paced global economy.
As of last year, The FATF (Financial Action Task Force) made International Wildlife Trafficking (IWT) one of their priority issues to tackle. This industry is the 4th largest international crime and has arguably the most devastating environmental impact out of any criminal act or proceed.
Screening for sanctions names is tricky. As well as people trying to hide their identity by using an alias, names can be presented for screening in all sorts of different ways.
The rule development life cycle presented below provides a high-level overview for taking an agreed rule concept from idea through to creation through to live use on the TM system.
This article aims to provide a high-level view of the various considerations when setting thresholds and developing TM rules. Identifying new rules for development is not covered in this article.
Investing in robust and reliable MI to support the TM strategy can often be considered a low priority or even be de-prioritised due to other challenges faced during an automated TM implementation.
Adverse Media, Negative News, Special Interest Persons and Reputationally Exposed Persons are all interrelated terminology concerned with finding the bad news stories about your customers or potential customers and understanding the reputational risk associated with them.
Eliminator consistently closes over 90% of matches from primary screening systems, this third-generation tooling introduces real-time alert disposition decreasing customer on-boarding time and enhancing customer experience for financial institutions.
We have been bringing you a series of short articles related to different AML process including PEPs, here is a handy index to help you browse through our back-catalogue of material.
A Four Eyes Check, also known as a Quality Assurance (QA) check on investigated alerts, is a commonly used internal control measure, which requires all investigated alerts to be double-checked by a second competent individual, independent of the investigation.