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Review & Reports Elements on AML Systems Operation Evaluation

CubeIQ Limited
Published by in Risk & Compliance ·
Tags: AMLEvaluation

CubeIQ is providing an AML systems operation evaluation program for Banks and Financial Institutions requiring to evaluate the configuration and setup of their AML operations.

An independent AML Systems operation evaluation program is in short an AML system review and written report for your financial institution on your AML compliance software operation procedures.

Review elements
We review your AML system parameters, the AML input, processing and processed data and make specific recommendations on what you should implement. We identify any areas of the product that maybe technically correct, but not commonly used or not used in the same manner as your peers. Finally, we produce a comprehensive report documenting all of our observations, findings, and recommendations.

On AML documentation we are reviewing:
  • Policies:
(a) Risk assessment policies
(b) Transaction Analysis (BSA/AML) policies and
(c) Monitoring scenarios.
  • Procedures:
(a) Case review and
(b) RFI and SAR Filling
  • Business Requirements:
(a) Data mapping
(b) Data parsing and
(c) control
On AML system we are reviewing:
  • Input:
(a) Data mapping
(b) data accuracy and
(c) truncations and formatting
  • Process:
(a) Baseline
(b) Rules and profiles and
(c) Statistics
  • Output:
(a) Alerts
(b) Cases and
(c) Logs and verification
  • Reporting:
(a) Clear identification of risk and
(b) False positive management

Report elements
The final report will provide the following details:
  • The baseline configurations
  • The analysis results from the observations
  • Staff interviews conducted
  • The gaps between compliance expectations and actual results and
  • The observations and recommendations
The report will be based on tested and observed result sets in the context of industry peers.
Final result: you’ll know how your AML compliance software is performing.

We have created a group of experts that know many of the AML systems in the industry such as:
  • Actimize,
  • Acuity,
  • Amlock,
  • AML Manager,
  • Bridger,
  • eGIFTS,
  • Fircosoft,
  • Norkom/Detica,
  • Mantis,
  • Patriot Officer,
  • Prime Compliance Suite,
  • SAS,
  • Sentinel,
  • Surety,
  • Verafin,
  • Yellow Hammer,
  • and more.

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