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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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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.
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.
This is the fourth article in a series on the topic of Quality Considerations for Financial Crime Teams.
The 3rd of December 2020 saw the introduction of the 6th AML Directive into European law, with implementation of those regulations for all organisations within EU member states by the 3rd June 2021.
A growing trend in financial institutions is performing rule-based auto elimination on secondary attributes. So for example when we have a match on a name; but a mismatch on a secondary attribute such as date of birth, nationality, or location; then the match will be eliminated before a person looks at it.
Screening for Politically Exposed Persons (PEPs) can be even more complex than screening for sanctioned names. At least with sanctions, there are formal published lists of names.
SQA Consulting deliver a suite of products and services to help address screening risk, for Sanctions, PEPs, and Adverse Media. Some of the biggest corporate fines in history have been levied at institutions that have failed to address basis issues with compliance to economic sanctions, prioritising profit over – particularly American – governmental foreign policy objectives.
He consensus when investigating financial crime alerts for individuals, is to close all alerts where the date of birth is more than 2 years apart. A more aggressive strategy is to close alerts where the dates of birth are different – even if only by 1 day. In this short article, we will address the merits of these strategies.
Cryptocurrency has been on the rise of popularity ever since the invention of Bitcoin in 2009. Following the 2008 financial crisis, it was created to allow people to have full independent control of their money.
Throughout the past few months, it has been impossible not to feel the impact of the current global pandemic, COVID-19. Even with the implementation of numerous government schemes and responses, the struggle has been felt globally, both individually and on a corporate basis.
Quantifying the terrorist financing (TF) risk from a geographical perspective can be challenging. What data is relevant for inclusion in the country evaluation and where can you find the appropriate data are important questions.