ANTI-MONEY LAUNDERING

Approach

Second Pillar Consulting combines expert knowledge about anti-money laundering (AML) and model validations to AML transaction monitoring and reporting models and has developed a unique approach that unlocks the "Black Box" provided by AML model vendors.


Experience

Most AML model vendors do not provide their AML models' specifications because they are proprietary and confidential. As a result, many compliance officers cannot fully understand how their AML model is monitoring and reporting suspicious activity. As AML model validators, we face the same challenge - understanding exactly how transactions are monitored. We developed an approach that relies on isolating logical components used in monitoring and testing them to verify that an AML model is working as intended. Read the white paper about our approach. Our approach places us at the leading edge of AML model assessments.

Second Pillar Consulting AML model validations include:

  • Compliance with the Bank Secrecy Act
  • Compliance with OFAC, FinCEN Section 311, and other watch lists
  • Identifying logical components used in transaction monitoring
  • Testing for above-the-line and below-the-line transaction monitoring
  • Verifying accurate reporting of alerts and cash transactions reporting
  • Evaluating quality of alert investigations and Suspicious Activity Reports (SARs)
  • Comparison of transaction monitoring to the AML Risk Assessment
  • GAP analysis of monitoring rules
  • Country risk
  • Customer risk calculation and monitoring

Tools

Second Pillar Consulting has the technical expertise and infrastructure needed to conduct a thorough AML model validation. Our data analysts have a wide range of experience in the industry leading DBMS technologies and use the latest tools to efficiently search millions of transactions.


Please contact us today so that our experienced consultants can begin creating a custom-tailored AML strategy for your organization to meet your needs.

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Bill Nayda:
(804) 432-1629
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bnayda@secondpillar.com
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11174 Lake Shore Ct.,
Glen Allen, VA 23059