BSA/AML Automated Systems Validation: Validation Insights
Financial institutions are increasingly relying on BSA/AML Automated Surveillance Systems. These systems require strong knowledge and effective procedures to promote compliance, reliability, and efficiency.
Model validation has been a significant requirement of the regulators over the past year and the expectation of validation is increasing. Many factors must be validated, such as:
- Accuracy in receiving information from the financial institution’s core
- Accuracy in filing CTRs and SARs
- Alerts/red flags in identifying high-risk activities and/or customer/members
- Parameters presented relating to rules
- Efficiency in eliminating noise through qualified calibration
An AML system is ineffective without sound understanding of how it is designed to be used and what is needed to keep the tool functioning effectively.
- Why are BSA/AML systems needed in today’s world?
- What are the systems designed to detect?
- How should selection and design be connected to risk factors?
- What are the systems in the market?
- What BSA/AML investigation and reporting concepts are critical to evaluation?
- How can validation from the core system to the AML system be performed?
- Where is internal validation critical?
- What statistics and modeling techniques can be used for system calibration?
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