Avoiding compliance pitfalls
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The document discusses avoiding compliance pitfalls related to anti-money laundering (AML) regulations. It recommends establishing a data management system, conducting organizational screening against legislations, and reporting suspicious activity. It also warns of primary failings seen in identifying customer details, conducting sanctions screening, and failing to report qualifying transactions, which can damage an organization's reputation. Effective information management that supports AML and fraud prevention includes having data governance, quality, and master data management practices.
Avoiding compliance pitfalls
- 1. Unlocking the value of your information asset AVOIDING COMPLIANCE PITFALLS Gary Allemann Master Data Management @mdm_za
- 2. AML Penalties Avoiding compliance pitfalls • establish data management system • conduct organisational screening against legislations • report suspicious activity • establish customer due diligence systems Gary Allemann, Managing Director - Master Data
- 3. Primary Failings • Deficiencies in identifying and verifying customer’s detail • Failures in sanctions screening • Failures to report qualifying transaction
- 4. Reputational and customer impact
- 5. Reputational and customer impact
- 6. Data is the raw material and product of process
- 7. The Building Blocks for effective EIM Data Architecture Metadata/Data Modelling Data Security Data Integration MDM/ReferenceData DataQuality DataGovernance Analytics DataWarehouse BigData Business Intelligence Business Driven IT Driven
- 8. How does EIM support AML + Fraud? • What are our AML Data Policies? • Who is responsible? • How do we ensure traceability? • What are the Critical Data Elements? 1. Data Governance • What are the minimum data standards for Critical AML Data Elements? • Name • Physical Address • Identification • Residence / Nationality • Date of Birth Data Quality • How do we identify unique customers? • How do we screen against sanctions lists? 3 Master Data Management • How do we flag and report suspicious transactions? • How do we measure and track remedial actions? Business Intelligence
- 9. gary@masterdata.co.za +27 11 485 4856 @mdm_za http://www.linkedin.com/company/master-data-management