AML Best Practices: Model Validation for Broker-Dealers

Your AML compliance program may include an automated transaction monitoring system to help detect suspicious activity, but are you sure the data is accurate and up-to-date?
Model validation can help broker-dealers determine if the data in their systems is accurate and providing meaningful alerts to properly help detect suspicious activities. Kaufman Rossin’s Bao Nguyen, risk advisory services principal, shares insights about what regulators are looking for and the importance of conducting a model validation.

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