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AML testing and assurance services
- 1. AML Testing And Assurance Services
- 2. Introduction • Anti-Money Laundering (AML) ranks as one of the top priorities of banks worldwide. • Regulatory agencies across the globe have been increasingly monitoring financial institutions to implement and continuously enhance their systems and processes to be AML compliant. • However, in spite of implementing robust regulatory and compliance systems, financial institutions constantly face challenges
- 3. Challenges that financial institutions constantly face • Pace and impact of regulatory changes affecting current operations. • Maintaining global consistency in terms of AML rules and scenarios. • Increased false positives due to advent of new financial message formats resulting in messages lacking required information. • Lack of expertise in data analysis and rules/scenarios leads building to spot suspicious activities. • Poor data integrity and data quality issues during the integration of transaction monitoring systems across the institution. • Improperly identified requirements on system security, system capacity, country specific laws, data privacy laws, availability of scenarios based on various bank products etc.
- 7. Key Benefits • Our risk-based testing approach will enable you to improve effectiveness of the rules and scenarios and cover all critical scenarios as per regulatory requirements. • We help you improve the efficiency of your compliance personnel by implementing appropriate risk-based scenarios. • Our data analytics capabilities will help you determine or tune threshold values. • We enable you to assess the gaps in current transaction monitoring program and integrate you into the current and potential future technology environment.
- 8. Key Differentiators • Certified ACAMS experts. • Experience in working with AML requirements of Tier 1 Global Banks. • Expertise in handling AML testing across geographies and countries. • Experience in managing a diverse range of AML products including Actimize, Mantas, Norkom, Fircosoft, Accuity, AMLOC, SAS AML etc. • Up-to-date knowledge on regulatory requirements across globe. • System Architecture assistance in look and feel of the system. • Expertise in managing AML requirements across non-English speaking countries as well.
- 9. Maveric Systems offers AML services that help in risk-based testing approach that will enable you to improve effectiveness of the rules and scenarios and cover all critical scenarios as per regulatory requirements. Visit us at https://maveric- systems.com
- 10. Thank You!