Aml assurance services fighting terror and corruption

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AML Assurance Services Fighting Terror And
Corruption
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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
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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.
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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.  
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• 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
•  

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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.  
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• 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.

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• 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.

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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.