In 2017, The Mizen Group performed an assessment to ensure that the data for all payments, initiated or received in the US, at the New York Branch flowed intact through its lifecycle. The assessment required The Mizen Group to independently validate and document:

That all messages received on any one day are processed across all systems, i.e., reconciliation of message counts between systems and reconciliation of rejections

The integrity of data is unchanged as it moves from one system to another.

Approach

The Mizen team brought industry and domain expertise to examine and validate the payment data as it flows from payment management systems to Sanctions and Transaction monitoring systems. The team examined the integrity of the data using a combination of proprietary techniques.

Mizen Results

With full co-operation by the Branch, Mizen:

• Completed the assessment within 30 days
• Produced a consolidated report that summarized weaknesses and deficiencies
• Identified a clear inventory of data management artifacts that required remediation.

An acquisition-focused organization acquired an FI with operations in six countries, several of which rank among the fastest growing countries by GDP in the world. The investors needed to assess their new acquisition for compliance with American legislative obligations.

Approach

To expedite the assessment process and rapidly deliver an evaluation of the FI’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

Results

With full cooperation by the FI, Mizen:

• Completed the assessment within 15 days
• Far exceeded the expectations of the client by providing critical output and data as well as critical input into the subsequent remediation program
• Identified significant variation across all six countries with their diverse teams and operations
• Confirmed this disparity with the accumulated data and identified a number of key findings that influenced subsequent work on the remediation program and training activities

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

A global insurance group initiated an effort to implement an enterprise financial crime solution to institute appropriate monitoring and controls in the areas of AML and Fraud post-transaction monitoring. The Mizen Group was engaged to validate their risk assessment and develop the business requirements in relation to necessary AML rules and fraud controls.

Approach

Mizen leveraged their DDRA framework to validate the inputs and produced a quantitative risk assessment which contained the typologies and risk factors exhibited in their business. The team set about selecting the appropriate rules to ensure adequate coverage of these risk factors for implementation in the BAE transaction monitoring solution.

Mizen Results

• Identified data anomalies ahead of time, thus ensuring accurate implementation
• Created inventory of critical data elements
• Developed risk based mapping of risk to typologies to rules
• Provided clear, concise requirements for accurate implementation of solution

For three years, the Mizen team served as Banking Operations and Technology experts supporting the DFS appointed Monitor for a global banking group operating in New York, with overall responsibility for examining and reporting on the Correspondent Banking technology capability, sanctions screening and AML alert generation and clearance.

Approach

Using SDIP, our proprietary investigative tool, to detect suspicious transactions, the Mizen team spearheaded a review of the Bank’s international network, visiting 18 countries to conduct BSA/AML related reviews including completing KYC file reviews, updating policies and procedures and assisting with technology operations.

Mizen Results

Using our Assessment methodology, the Mizen team provided independent oversight and performed validation on the implementation of an Anti-Money Laundering (AML) system for Correspondent Banking.