Anti-Money Laundering

Does your Anti Money Laundering (AML) or Anti Fraud system struggle with the following challenges:

How to define Alert Requirements

  • How to translate legislation / regulatory guidelines into efficient alert requirements
  • How to define alert requirements that can be understood and signed off by senior management.
  • How to define WHAT account activity to alert on
  • How to define WHO (Customer or Account type) to focus on

How to locate the data required to populate the AML or Anti-Fraud system

  • How to locate the MASTER source of each required data field
  • How to locate the Business Rules associated with each required data field

How to understand what’s in the data you currently have (Data Profiling)

  • How to define Data Quality requirements
  • How to measure Data Quality

How to Test your system, and changes you make to it

  • How to verify that the AML / Anti Fraud data repository accurately reflects the source data
  • How to verify alerts are working as per signed off alert requirements

How to reduce the number of False Positives (false alerts)

  • How to measure the quality of alerts
  • How to identify the alerts causing most false positives
  • How to improve alert rules to reduce false positives

Solutions:
I have developed processes to address each of the above challenges.  The processes are independent of any AML or Anti Fraud package.   They focus on the business requirements of the AML function within the financial institution.    Financial institutions seeking to implement an AML or Anti-Fraud programme can save significant time and money by reusing these tried and tested processes…

Read the lessons I have learnt over time.

– Common Enterprise wide data issues, and how to assess them here
– “Business Rules Case Study” based on my AML experience here

If you would like to learn more about these AML Programme processes, feel free to contact me – Ken.

5 thoughts on “Anti-Money Laundering

  1. Dear Mr. Ken O’Connor,

    I am Hoang An from Vietnam. I am doing master thesis with topic as “Anti-money laundering Information system (AMLIS) in Commercial Vietnam Banks”. In my research, I will try to do a set of AML business requirements which can be applied to AMLIS in Bank. The information resources are AML policies of Vietnam Goverment and Banks.

    So, do you have any advices or any methods like set of questions for me to get those requirements?

    Thank you, and hope to have chance to talk to you soon.

    • Dear Hoang An,

      I would be happy to help you – if I get the time.

      However, I would first need some confirmation as to who you are – and evidence that you are in fact writing a thesis on AML. I would also need you to acknowledge material I make available to you.

      I’m sorry for having to ask for such confirmation – it’s the nature of the world we live in.

      Rgds Ken

      Ken O’Connor

      Data Governance and Master Data Management Consultant

      Professional IT Personnel Ltd.

      E: Kenoconnor00@gmail.com

      L: +353 1 8453928

      M: IRL +353 86 8196026 M: UK +44 79 99591227

      SkypeID: Ken.O.Connor

      Data Consultancy Blog: https://kenoconnordata.wordpress.com/

      LinkedIn Profile: http://www.linkedin.com/in/kenoconnor00

      Twitter ID: http://twitter.com/KenOConnorData

      PRIVATE, CONFIDENTIAL AND PRIVILEGED CLIENT COMMUNICATION. This e-mail and any files transmitted with it are confidential and / or privileged. They are intended solely for the use of the intended recipient. The content of this e-mail and any files transmitted with it may have been changed or altered without the consent of the author. If you are not the intended recipient please note that any review, dissemination, disclosure, alteration, printing, copying or transmission of this e-mail and / or any file transmitted with it is prohibited and may be unlawful. If you have received this e-mail and any file transmitted with it in error, please notify Professional IT Personnel Ltd.

  2. Hi Ken,
    Please call me An

    Like I said, my problems now is finding method, set of questions or evaluation criterion which help me to base on to get AML business requirements for AMLIS. Have you ever implemented AMLIS or IS in financial institutions? You know, when we start implementing an IS in enterprise, the first state is determining what similarity and difference between our system and business processes of institutions. I hope that you can understand my problems. Just tell me whatever you need to know to be able to help me.

    Thank you so much

    • Hi An,

      Thank you for asking – the holiday went very well for my family and for me.

      I hope you too had a nice holiday. How is your thesis progressing? Have you submitted it?

      Rgds Ken

      Ken O’Connor

      Data Governance and Master Data Management Consultant

      Professional IT Personnel Ltd.

      ‘Rosca’ Dublin Road, Malahide, Co. Dublin E: Kenoconnor00@gmail.com

      L: +353 1 8453928

      M: IRL +353 86 8196026 M: UK +44 79 99591227

      SkypeID: Ken.O.Connor

      Data Consultancy Blog: https://kenoconnordata.wordpress.com/

      LinkedIn Profile: http://www.linkedin.com/in/kenoconnor00

      Twitter ID: http://twitter.com/KenOConnorData

      PRIVATE, CONFIDENTIAL AND PRIVILEGED CLIENT COMMUNICATION. This e-mail and any files transmitted with it are confidential and / or privileged. They are intended solely for the use of the intended recipient. The content of this e-mail and any files transmitted with it may have been changed or altered without the consent of the author. If you are not the intended recipient please note that any review, dissemination, disclosure, alteration, printing, copying or transmission of this e-mail and / or any file transmitted with it is prohibited and may be unlawful. If you have received this e-mail and any file transmitted with it in error, please notify Professional IT Personnel Ltd.

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