Reducing the Risks and Costs of Regulatory Compliance

Middle Eastern Bank, New York Branch

In 2017, the Mizen Group performed a preliminary assessment of a New York Branch of a Middle Eastern Bank:

  • To assess the Branch’s preparedness for compliance with DFS NY Rule 504 and its ability to certify its compliance with that rule in April 2018
  • Identify potential barriers to successful deployment of their newly implemented Actimize AML.

Approach

To expedite the assessment process and rapidly deliver an evaluation of the bank’s AML process capabilities and the extent to which they were culturally embedded, the Mizen Suite of diagnostic tools was utilized:

  • Compliance Process Diagnostic
  • Compliance Culture Diagnostic

Mizen Results

With full co-operation by the Branch, Mizen:

  • Completed the assessment in 15 days
  • Identified a clear inventory of supporting artifacts by process area to be validated
  • Collected results, identified some disparity and key findings on training and improvements in the Branch’s risk assessment methodology.

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