Be the first to like this
A regional bank with approximately $20 billion in assets engaged Protiviti to validate its Bank Secrecy Act (BSA)/anti-money laundering (AML) and fraud monitoring models as part of its newly developed model validation plan and to comply with regulatory requirements. Our client had not performed model validations before and did not have the subject-matter expertise required to validate its models. In addition, our client was under a Matter Requiring Attention (MRA) from a regulatory body, which required an independent validation of all critical BSA/AML models.
The bank selected Protiviti based on our experience validating BSA/AML models at other financial services institutions, and specifically because of our detailed approach using both quantitative and qualitative tools, which we use to perform independent model validations across our client base.