The Importance of Building Alert Rationale

Politically Exposed Person’s (PEPs), Sanctions and Adverse Media alerts all require rationale to explain whether an alert is a false positive, true match or if further information is required. Investigators will normally have to compare two sets of information and look for differences in order to make a decision, this can only be done by using reliable information and a common-sense risk-based approach.  Alert investigations are performed […]

Date of Birth Reliance in Alert Remediation

The consensus when investigating financial crime alerts for individuals, is to close all alerts where the date of birth is more than 2 years apart. A more aggressive strategy is to close alerts where the dates of birth are different – even if only by 1 day. In this short article, we will address the […]

Financial Crime in 2021 – Brexit and the 6th Anti Money Laundering Directive

The 3rd of December 2020 saw the introduction of the 6th AML Directive into European law, with implementation of those regulations for all organisations within EU member states by the 3rd June 2021. While the United Kingdom has opted out of the Anti-Money Laundering Directive (AMLD) due to its departure from Europe, many UK financial […]

Alert Screening – The Importance of Conducting a Four Eyes Check

What is a Four Eyes Check? A Four Eyes Check, also known as a Quality Assurance (QA) check on investigated alerts, is a commonly used internal control measure, which requires all investigated alerts to be double-checked by a second competent individual, independent of the investigation. Normally, a 100% QA should be conducted but can vary […]

Leaving Compliance Footprints in the World

When investigating screening alerts, here at SQA Consulting we find that the most valuable secondary attributes – after date of birth – are country of residence, nationality (of course for nationality, read citizenship) place of birth and country of registration. We call these two pieces of data: location and origin, and they are vitally important […]

An Introduction to Adverse Media – To screen or not to screen?

Adverse Media, Negative News, Special Interest Persons and Reputationally Exposed Persons are all interrelated terminology concerned with finding the bad news stories about your customers or potential customers and understanding the reputational risk associated with them.  While legislation and guidance is somewhat vague in terms of what exactly is required in relation to Adverse Media, […]