Sanction screening system testing with Sandbox
Understanding your sanction screening system
One of the most widely recognised problems for compliance professionals is understanding how well a sanction screening system is performing, and to do that, it must not only be tested frequently, but the results from each test must be understood in order to know what improvements and remediation steps need to be taken.
Across our work with global banks, we’ve learned that financial institutions often find it difficult to alert against algorithmically manipulated names during the sanction screening process, along with having a heavy reliance on manual processes with limited automation across the screening process.
We also discovered that some financial institutions don’t have any testing or auditing programmes in place. So let us tell you a bit about Sandbox, and how it can help solve common issues with regards to sanction screening system testing.
What is Sandbox?
Sandbox from AML Analytics is a unique sanction screening system testing tool that has been designed so that customers can build their own sanction screening system tests tailored to the specific risk appetite of a business.
Sandbox offers a robust platform for constructing custom-built sanction screening tests to ensure that a system is performing as expected.
Tests can be built to target a system’s known weaknesses for full understanding and to ensure system improvement and enhancement. A range of sanction sources and PEP (politically exposed person) data can be included, enabling thorough evaluation of a screening system.
With Sandbox, you can:
- Rapidly develop general tests covering a diverse number of sanction sources using up-to-the-minute sanction list data to ensure sanction screening systems are screening against the latest records
- Create targeted test datasets to identify specific weaknesses in a screening system’s matching capabilities
- Customise tests according to your organisation’s unique requirements by selecting from numerous options including sanction lists, type of record, number of records, algorithms and non-sanction records
By making use of the wide array of algorithms available in Sandbox to manipulate sanctioned records in a test, customers can:
- Assess the fuzzy logic matching capabilities of a screening system
- Stress test a sanction screening system with algorithmic manipulation
- Challenge a system’s ability to identify and alert against manipulated sanction records
The benefits of Sandbox:
Sandbox offers a wide range of testing options and can be used to:
Support pre-deployment and post-deployment testing of a new sanction screening system
Support the iterative tuning process when carrying out a system upgrade
Meet stringent regulatory requirements for ongoing and independent system testing for optimal performance
Identify non-effective sanction screening systems or AML programmes needing tuning for compliance
Minimise AML/CFT risk by understanding a sanction screening system and how it should operate
Create automatically generated system reports for each test that is run for internal reporting and external reporting to regulators
Rigorously test a system using a wide range of data (individuals, entities, aircraft, vessels, BICs and non-sanction records) to test a screening system to its limits
What support is offered?
In the form of our Customer Experience Team, we offer one-on-one support and full training, getting you up to speed with how Sandbox works so you can utilise the benefits as soon as possible. Our dedicated, expert team are always on hand to respond to any questions.
What data is available?
To effectively execute sanction screening system testing, the correct data has to be involved. We ensure all our sanction list and PEP data is as up to date as it can be so that tests are built using the most recent records. This creates an extremely accurate testing environment.
Our free solution, Sanctions Alert Service (SAS), enables anyone who wishes to subscribe to see changes to the most important global sanction lists as they happen in real time.
Want to talk to someone regarding Sandbox?
It doesn’t matter where you are in the world, our global sales team is on hand to reach every corner. Our AML/CFT SupTech and RegTech technology is world leading and our expertise is absolute – it’s why we’re trusted globally by governments, regulators and central banks.
For any further information please contact us on info@aml-analytics.com and a member of our sales team will be in contact with you.