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