Implementation
SentryNet consultants have the unique experience of being both an end user and product vendor of some of the most commonly used AML platforms out on the market today. Our years of experience in information technology (IT) and back office banking operations, lends to our ability to project manage and coordinate across multiple platforms and various business units and data sources. Our consultants can assist with helping your financial institution select the right AML platform as well as assist with the model development and implementation of your AML system.
Program Evaluation
SentryNet LLC will evaluate both automated and manual AML systems to assess monitoring needs. Equally as critical as the initial implementation, the periodic review and optimization of the transaction monitoring system helps determine whether it is functioning effectively and producing quality alerts. Such review and optimization includes:
- Review of customer segmentation
- Business analytics (to identify what constitutes normal activity for each segment)
- Statistical analysis (to identify what constitutes unusual and potentially suspicious activity)
- Review of business rules to identify transaction types, frequency of alerts, transaction codes monitored, and thresholds and parameters for each rule
- Optimization of the system following established change management processes
Independent Data Validation
Any bank relying on BSA software to assist in identifying and monitoring customer activity for suspicious or unusual behavior must ensure that the underlying data used by that BSA software is both valid and complete. Banking regulators expect these banks to periodically validate the data independently.
SentryNet LLC will perform and independent data validation to ensure that data housed in your Bank’s core system is properly mapped and populating data to your Bank’s BSA software application.
