First of all thanks for this opportunity to raise questions.
Till date I’ve read about many tools and systems which are available in the market to name screen, transaction screen or ID and address verification but there are no tools which the industry speaks about to test the efficacy of TM rules.
Can you please guide me to any tool to test the efficiency of TM rules
Any process or document to guide the efficiency testing
To measure the effectiveness of a transaction monitoring system (TMS), I recommend referring to the document Auditing the AML/CTF Transaction Monitoring System by Jon W. Harvey.
When it comes to tools, ensuring that transaction monitoring rules function as intended is typically the responsibility of the IT team. Since TM heavily relies on an organisation’s specific environment and unique scenarios, generic automated testing tools are more suitable for validating rule calibration.