Challenges and Best Practices of AML Sanctions Screening, Part 11:
A Data-first Approach to Compliance Screening

Poor quality data is one of the biggest contributors to excessive compliance costs. It’s also one of the top threats to implementing a successful risk management and compliance screening program. As regulators increasingly release guidance on the importance of data quality – and impose severe penalties for lack thereof – compliance officers are realizing that their customer and compliance-related data needs to be fit-for-purpose in order to optimize compliance operations and minimize risk.

How do you achieve Data Quality for Compliance without investing in cost-prohibitive MDM solutions or replacing your current AML software provider, which most likely will not address the underlying data issues?

There are a myriad of challenges that impact the incorporation of data quality processes into your compliance program, such as effective and documented controls and end-to-end testing to ensure the completeness, accuracy, and integrity of the data, which includes identifying hidden data quality issues from source mappings to the AML systems.

This informative webinar discusses best practices for the most talked about challenge in AML programs, Data Quality for Compliance!

This webinar will cover:

  • Regulatory guidance on data quality for compliance
  • Technical challenges in program implementation
  • Data considerations in your AML source feed
  • Data errors that cause common screening mistakes
  • A practical approach for implementing data quality controls without replacing your current AML systems

Presented by:

Kieran Holland
Kieran Holland
Head of Technical Solutions FinScan
Steve Marshall
Steve Marshall
Advisory Services FinScan