In financial crime prevention, data quality can be a limiting factor in any financial institution’s ability to detect and/or take action on financial crime activity. Many filtering systems deploy fuzzy matching to help mitigate data quality issues, but, in many cases, this can only compensate for limited and specific issues. Typically, the financial crime compliance officer will never be the owner of data, but he or she will be required to own and address any screening deficiencies that are a result of poor data quality. For this reason, compliance organizations must take action to identify data quality issues that impact their ability to detect money laundering and/or sanctions circumvention activity. SQA America’s Data Quality Assessments are able to identify data quality issues and SQAAC will work with you to create a remediation plan.
Screening systems perform a key and vital role in protecting financial institutions against the threat of financial crime. A financial institution’s success relies heavily on the effective performance of its screening system. Screening systems also serve as a critical delivery mechanism for a financial institution’s compliance with many government foreign policy objectives. As a result, screening systems receive a significant amount of attention from auditors and regulators in regard to their performance and effectiveness. For this reason, financial institutions must be sure that they fully understand the limitations of their screening systems before someone else does. SQA America Consulting is ready to perform the testing and support services that will provide that assurance.
Section 504.3 requires that Directors or Senior Officer(s) signing the attestation have a sound understanding of the underlying technology and frameworks that have been built to comply with the various AML and OFAC regulations that govern their institution. SQAAC is positioned to deliver the necessary guidance and framework for financial institutions to comply with these new Part 504 requirements.
The Assurance Program developed by SQAAC is specific to the identified risks and requirements of each individual organization. Once the program is designed and implemented, SQAAC can partner with the financial institution to execute the testing and analysis as a recurring service. Or, if preferred, direct End-User licensing can be provided for use of the SQA tools for the organization’s own internal assurance testing.
The SQA CTRP List can also be leveraged to augment a financial institution’s own customer data by allowing SQA America Consulting to assess the completeness and accuracy of its data via a simple batch process. If the country code information in a customer record is missing, it’s very likely that the field can be populated with the correct information from the CTRP List. In most cases, the accuracy of the country information in a customer record can be validated via the CTRP batch process as well. As many financial institutions are aware, the country code field content is becoming much more critical in alert decisioning, especially in regard to PEP alerts.