AML Screening Software Testing and Validation services
AML Screening Software Testing and Validation services
AML UAE is the top AML Screening Software Testing and Validation Services Provider in the UAE.
The regulated entities – the Financial Institutions, DNFBPs and the Virtual Asset Service Providers- must comply with the Targeted Financial Sanctions program to identify and restrict the sanctioned person from creeping into the business. This requires a robust tool or system to help entities achieve this risk mitigation measure and adhere to the screening obligations.
The effectiveness of the sanctions screening process is generally measured in terms of the accuracy of the results, minimal count of false positives and reduced volume of other hiccups like reliance on outdated databases.
Implementing the AML screening software rightfully is equally important as having one.
What is AML Screening Software Validation Service?
Software validation is associated with activities conducted to assess the performance of the configured features in the software.
AML Screening Software Validation is integral to the implementation process; it is necessary to fine-tune the screening rules, data sources the system uses, etc., to make the software ready to serve the required purpose. Validation results would allow the regulated entity to modify the screening parameters before making the software live.
Ensuring accurate and valid results!
To make the most of your investment in AML screening software, get the professionals to validate and test the systems now!
What is AML Screening Software Testing Service?
Software testing is more sort of verifying the outcome generated from the implemented software and whether that results meet the regulatory expectations. The testing is the final assessment of how the system would actually operate once made live to handle the data in the real environment.
The above services would help you address your pain points associated with implementing AML screening software.
Struggling with the comprehensiveness of the sanctions database?
Let us validate your software to check if it houses all the applicable Sanctions Lists, specifically the UAE Local Terrorist List and the UN Consolidated List, along with the relevant international sanctions database and internal blacklists.
Worried about the reliability of the data sources?
You need not bother about it when we have validated the authenticity of the source.
Not sure whether screening is done against updated data?
Thorough software validation and testing with real-life cases on a complete data set would resolve your concerns.
Facing problems around software integration?
Let us set this right with system validation. We shall ensure your data seamlessly flows to and from the screening software.
Does your software need fine-tuning of the screening logic?
We would validate and test all the possible events and cases to ensure the software does not go blank or misbehave in typical situations.
Flooded with numerous false positives?
We shall test the software’s whitelisting capabilities, reducing your efforts to filter false hits.
How can AML UAE’s AML Screening Software Testing and Validation Services help you?
We understand the significance of data quality and system accuracy for managing sanctions compliance.
Our AML Screening Software Validation services would include checking the implemented rules database used for screening, including identifying any additional features or functionalities that need to be implemented for better performance.
Our AM Screening Software Testing service would include running the configured software to test how the input is handled and the quality of the outcome generated.
We do not stop here. Once the service provider confirms that the preliminary observations are rectified, a re-test shall be conducted to ensure no old gaps still exist or the modification raises any new deficiencies.
With comprehensive testing and validation of the AML screening software, you correctly roll into the AML Compliance function. With our dedicated team of experts, we strive to ensure that you face zero technical glitches or data inconsistencies during the customer onboarding process and achieve complete compliance with the AML and Sanctions regime.
Our Key Differentiators
- Validating the data source and data mapping code
- Validating the software configuration with compliance requirements
- Testing using real scenarios instead of using a dummy dataset
- Pinpointing the outcome-related discrepancies
- Coordinating with the service provider to get the findings resolved
- Re-validation and re-testing until and unless the software offers the required results
Want to settle the hiccups in your AML Sanctions Screening Software?
Get the AML sanction screening software testing and validation services from the experts (subject and technical), at an affordable cost!
FAQs - AML Sanctions Screening Software testing and validation
AML Sanctions Screening Software testing and validation is a process of thoroughly checking the configurations of the software to ensure it meets the AML compliance needs and generates an accurate outcome.
Comprehensive validation of the AML Sanctions Screening software is necessary to identify gaps or weaknesses in the database used, the screening logic set, or the integration between the systems. While testing, the software shall ensure that all the bugs and outcome-related errors are identified and resolved before the screening software is made live for real-life compliance.
Yes, testing and validating the AML Sanctions Screening Software is mandatory for Financial Institutions, as provided in one of the guidelines issued by the Central Bank of UAE. Further, without adequate testing and validation, the software can never be arranged to achieve the specific business needs of the entity.
Testing and validation are important before implementing the AML Sanctions Screening software. It is not a one-time activity. The validity of the data sources, the accuracy of the output, etc., must be periodically tested as well – say every 12 to 18 months.
The common challenges faced during AML Sanctions Screening software testing and validation process are:
- involvement of massive data volume to be validated and tested
- Lack of adequate manpower to carry out the process
- Lack of regulatory awareness to map the compliance requirements
- To and fro communication with the service provider
- Reiteration of the process once the preliminary observations are fixed
