Enterprise Fraud & Compliance
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Challenge SummaryMany banks are experiencing serious challenges trying to manage their ongoing enterprise fraud efforts. Tight deadlines combined with a lack of clear guidelines as to how financial institutions need to respond to the PATRIOT Act, have led many organizations to either choose the wrong solution, or to incorrectly implement the one they selected. No single solution supports the needs of banks to satisfy compliance requirements. As a result, multiple point solutions were developed and installed to monitor various high risk activities:
- Know Your Customer
- Risk Scoring
- Watch List Management
- Daily AML monitoring
- CTR and SAR reporting
The costs and complexities of managing a patchwork environment of compliance applications has pushed many banks to seek a better path forward.
Our PerspectiveWe believe that there are seven key standards that provide the foundation of a successful AML Program. When we evaluate or design your regulatory compliance programs, we use these key standards as a benchmark.
- Knowledge – AML Programs and Policies should demonstrate an understanding and knowledge of the regulatory requirements.
- Translation – The regulations should be translated into actionable risk based guidelines.
- Commitment/Funding – There should be strong evidence of enterprise level commitment and funding for the program.
- Communication/Training – A well defined communication and training plan is in place.
- Architecture/Data Standards – The solution being used to implement the AML program should comply with enterprise-wide architecture guidelines.
- Information and Document Management – Timely retrieval of information and documents is critical to success.
- Accuracy – Independent periodic reviews and tests of the AML program confirming accuracy of the data is required.
Our solutions focus on customer fraud and more specifically the Bank Secrecy Act. Our offerings begin with detection activities and run through case remediation with emphasis in the critical areas of:
- Anti-Money Laundering (AML)
- Know Your Customer (KYC)
- PATRIOT Act (as it applies to the BSA)
- Office of Foreign Assets Control (OFAC)
Want to learn more? Click here to view the Enterprise Fraud & Compliance Practice Summary
Solution DetailADS recognizes that “one size fits all” solutions are not practical and we work with our clients to determine which combination of services driven by an institution’s risk profile best fits their needs.
The following is a high-level description of our five key offerings that comprise the Enterprise Fraud & Compliance Domain:
Current State Audit
A Current State Audit is the foundation for evaluating potential alternative approaches, processes, governance models, and technologies that would enable an organization to improve Risk and Compliance operations.
End-State Solution Design
The End-State Solution Design naturally follows from The Current State Audit and is ADS’ recommended operational and application model that serves as the target environment for the bank’s future plans and projects.
Compliance Roadmap
The Compliance Roadmap defines the various projects, dependencies and provides a macro level timeline. The roadmap also describes the issues and risks to complete the actions to support the new End-State.
Vendor Evaluation
A Vendor Evaluation project enables a bank to select a vendor that can appropriately meet compliance requirements.
Solution Implementation/Integration
ADS manages the implementation and integration of the selected solution set.
What Can ADS Do For You?A successful AML Program is not reliant on a single strength, but the combination of several factors which build one upon the other. ADS will work with you to:
- Provide insight into your current compliance to FFIEC guidelines
- Assess your current program and target areas to reduce your operational and reputation risk
- Design an enhanced operational model that meets today’s challenges as well as prepares you for future challenges
- Identify the vendors and services that best meet your needs and stay until the new solution is implemented and is fully functional
Want to learn more? Click here to view the Enterprise Fraud & Compliance Practice Summary
Helpful ResourcesListed here are important links & resources United States Immigration and Customs Enforcement (ICE) www.ice.com Money Service Businesses www.msb.gov Financial Crimes Enforcement Network (FinCEN) www.fincen.gov Federal Deposit Insurance Corporation www.fdic.gov Office of the Comptroller of the Currency www.occ.gov
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