What a Look Back Project can Provide

The most obvious benefit of engaging in a Look Back is satisfying the regulator that your bank has conducted an independent, thorough, fully documented transactions review.

The review will also generate specific remediation plans that address gaps or weaknesses in your control environment and monitoring systems related to the banking products and systems under review.

In addition, a proactive transaction review—in advance of an examination—can identify and address potential problems beforehand. As in most situations of this type, prevention is simpler, faster, less expensive and less intrusive than remediation.

So, another common benefit of our work will be plans to address underlying data issues.

An AML lookback is predominantly meant to uncover past suspicious activity and flaws within the financial institution's monitoring systems. It may stem directly from the institution itself following an internal audit or may be ordered by a regulatory agency after a control.