Following the recent financial crisis and the raising risk of terrorism, the Basel Committee on Banking Supervision reviewed the regulatory requirements and developed a new strengthened regulation: Basel III (International regulatory framework for banks). In Europe this regulation was transposed into the Capital Requirements Directive IV, which applied from Jan 1st 2014. Under these rules, operators need to demonstrate data quality and traceability. The Anti-Money Laundering regulation demands the registration of specific financial operations whose contents are audited during the inspections of Central Banks or other Authorities.
A consistent amount of remarks made to many financial operators is the lack of consistency between the registrations and the original data contained in the operational databases; this is a reason for formal remarks or even fines because it prevents the correct enforcement of AML and counter-terrorism Financing measures.
Thanks to SH_DQ, the AML department can autonomously verify and re-conciliate the information contained in the operational databases and those contained in the AML Registry, in order to identify operations that have been registered with errors or differences or, more simply, have not been registered at all.