Data Governance and Management in BSA/AML and Sanctions Compliance

Increasing focus has been applied to effective data management in recent years due to the growing reliance on data to manage and optimize operations, mitigate risk and support development of new products and services. Unfortunately, compliance departments, particularly BSA/AML and Sanctions, are often the “poor cousin” when it comes to data governance and management.

However, this is changing due to evolving regulatory expectations and requirements. The Department of Financial Services (DFS) Regulations Part 504, BANKING DIVISION TRANSACTION MONITORING AND FILTERING PROGRAM REQUIREMENTS AND CERTIFICATIONS, established clear expectations and requirements regarding the documentation and testing of data lineage. While DFS may be the first regulator to overtly establish this requirement, it can be argued that such practices have always been understood to be a best practice.

Join us ACA for a discussion on addressing challenges that are specific to BSA/AML and Sanctions compliance groups when it comes to data governance and management. ACA will discuss:

• What Data Governance is and how it applies to BSA/AML compliance
• Definitions of Data Completeness, Data Accuracy, and Data Quality
• Evolving regulatory understanding and focus on data management
• Challenges adapting and/or integrating enterprise-wide data governance programs and processes
• Defining and implementing an appropriate risk-based data governance program
• DFS 504 Data Lineage – What does it mean and how to you respond to it?