2020 - AML Model Validation: A Critical Need in the New Regulatory Environment

The definition of a model validation according to the OCC
How often a model validation should be completed according to the OCC
The origin of the term independent verification and validation, and how that relates to today’s model validation
Where the regulatory pressure has been to conduct an AML model validation
What elements should be reviewed during an AML model validation
What qualifies as a model validation, and what does not
What a sample model validation project plan would look like
Vendor due diligence – selecting a vendor for your AML/BSA projects
Definition of vendor independence
Outline the additions in Final Rule 504 as they relate to AML model validations