Our client, a payments company, had concerns that their transaction monitoring was not effective & could be opening them up to the risk of failing to identify suspicious activity. They were also concerned about their regulatory risk should a regulator investigate & find them to be sub-standard.
We worked with our client to scope a review of the transaction monitoring & controls as follows:
SQA Consulting put together a small team of experienced consultants to deliver this review.
Our consultants applied their vast experience gained through many years working with & as part of Transaction Monitoring (TM) teams. We applied the SQA TM Toolkit which includes:
Our approach included a review of the client’s documentation, interviews across the TM & Compliance teams, sample testing & comparison to the SQA TM maturity model.
A report was prepared for the client including observations & recommendations from our work:
The client agreed with all of our recommendations. Through this review, the client gained an understanding of the effectiveness & adequacy of their TM controls & were able to take steps to improve the overall effectiveness.
The output of this review gave them comfort that they would be well prepared in the event of a regulator visit.