NYDFS Part 504 Model Validation

We have a comprehensive understanding of OCC 2011–12, SR 11–7,DFS–504 guidelines and Model validations which serve as critical components of monitoring, financial institution’s Bank Secrecy Act/Anti-Money Laundering (BSA and AML) risk. UpwardIQ will help banks find deficiencies in the AML programme and confirm the effectiveness of the processes and systems.

As part of this review, UpwardIQ will

• Review of available documentation.

• Review software tool functionalities and limitations.

• Replicate AML rules/scenarios to evaluate their correct implementation.

• Review historical data and perform data analysis.

• Validation of the conceptual soundness.

• Conduct adequate above-the-line and below-the-line testing for your system parameters and other settings.

• Evaluate the optimisation and reasonableness of your risk rating module.