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The specifics may vary but coverage of each goal is required regardless of the size or other attributes of the financial institution.Key Stakeholders A successful AML system validation requires the support and commitment from several key stakeholders.
This presents unique challenges to their validation.
We should start with a generic definition of system validation.
It should provide a clear and comprehensive statement to which all aspects of a validation comply.
However, suspicious behavior is not precisely defined and true financial crimes generally occur relatively infrequently for most financial institutions.
Consequently, it is easy to overlook activity that should be reviewed. The firm may directly suffer financial loss which can be material to the organization.
In many respects, an automated AML system is no different from other automated processes within a financial institution.