'Transaction Monitoring Validator’ is a new solution enabling financial institutions to test and validate the efficacy of their transaction monitoring models, to ensure ongoing DFS compliance.
In recent years on-going testing and model validation Compliance has seen increased focus and scrutiny from global regulators. In June 2016 the New York Department of Financial Services (DFS) highlighted shortcomings in the transaction monitoring and filtering programmes within financial institutions. They have identified a lack of robust governance, oversight and accountability at senior levels. This has led to the belief that institutions have shortcomings in their transaction monitoring and filtering programmes.
The DFS Regulations require financial institutions to Maintain a Transaction Monitoring and Sanctions Filtering Programme. Both Transaction Monitoring and Sanctions Filtering system(s) must be reviewed and periodically updated at risk-based intervals to take into account and reflect changes to applicable BSA/AML laws, regulations and regulatory warnings, as well as any other information determined by the institution to be relevant from the institution’s related programmes and initiatives;
We provide unique and customised data extracts of PEP and sanctions lists which are run against the financial institution’s client screening and payment filtering systems for analysis.
'Sandbox' is an online, web based solution which allows you to create your own bespoke sanctions testing programmes, configurable to suit your individual risk appetite.