AML Assurance Services: Securing Financial Transactions

Money Laundering is one of the most concerning issues faced by Banks and Financial Institutions worldwide. With the increase in global terrorism, it has become even more important to implement strict Anti-Money Laundering (AML) systems in place.

Every leading technology assurance provider, is in business for just such a thing. Among their various products, AML testing and AML Assurance Services are their primary offerings.

Regulatory institutions on a global level try to achieve a degree of competency in financial institutions to enhance AML Compliance. The major issues faced by Financial Institutions all over the world include changing regulations, AML Consistency, poor data analysis, sub-standard data integrity among others.

How do AML service providers help?

In the ever-changing landscape of regulatory functions, these companies have come up with a robust framework of providing AML testing and AML Assurance Services. Their services ensure Anti-Money Laundering Compliance Program.

They enhance existing systems by: -

●     Identifying AML Assurance Services Risk

●     Evaluating and implementing regulatory rules

●     Performing risk- based executions

●     Designs ensuring optimum coverage

●     Defining appropriate test strategy for AML testing

How does it work?

The AML services are active every step of the way in adding to active Anti-Money Laundering Surveillance. They are proficient in managing a diverse range of AML products such as Actimize, Accuity, Fircosoft, AMLOC, SAS AML, Mantas, etc.

AML Assurance services include: -

●     Identify

They assess whether rules and regulations are being applied to all business lines, product categories and customer entities. After verifying requirements, they deal with logics, workflows, investigation, etc.

●     Design

The AML service model is assessed and designed to maximize its impact on various verticals, products and transaction. The design is made to identify potential gaps if any.

●     Execution

The next step involves defining appropriate test strategies to optimize on the impact of test cases. Identifying regression test cases and exploring possibilities enable a quick turnaround of clarifications and defect fixes.

●     Support

Assessment of the production teams to analyze the incoming volume. Support includes enhancement reviews change request processes from BAU.

●     Testing

AML Testing procedures include Data Integrity Testing, Standalone Testing, Application Integration Testing, End to End system testing and operational acceptance support. The AML testing requirements cover everything from ensuring data integrity to providing heartbeat testing strategy.

Benefits

The advantages of using AML Assurance Services is ensuring improved coverage as per anti-money laundering regulatory requirements, the efficiency of compliance personnel and data analytics capabilities.

The AML Assurance providers handle AML testing procedures across various locations especially with Tier 1 Global Banks.