Adding a New CRR Lookup Entity
In SAS Anti-Money Laundering, the risk rating process is based on a scorecard. This scorecard uses data on individual customers and organizations.
For individuals, this information pertains to their residence, citizenship, profession, and the products the customer has taken out. For an organization, this information includes the type of industry in which they operate and their legal entity type. Each of these values comes with its own score, as these attributes themselves are risk rated.
In this post, I’ll discuss how these attribute risk scores are stored in the system, and the two ways in which a financial institution can add an attribute risk score. I’ll also review a quick example. The attributes and scores are stored in the CRR Lookup table in the fdhdata schema. See a partial screenshot of the crr_lookup table below.
The CRR Lookup is an entity that contains scores for the various attributes that make up a customer’s customer due diligence, or CDD, profile.
It is important to note that the scores for the various attributes are not standardized. Each financial institution is responsible for determining the scores for each of these attributes that together make up the profile of a customer.
In addition, not every financial institution will have the same attributes or ranges within an attribute. This is because not all financial institutions provide the same products and services. For example, financial institutions that do not provide insurance products have no need to risk rate them.
Lastly, country scores will also vary. Scores for different countries change depending on the country of reference. For example, customers in Columbia pose a different risk in US markets than in Russian markets. Also, financial institutions don’t typically set a score for the home market country, as that is the frame of reference.
Most financial institutions review their scores on a periodic basis to keep up to date with trends and developments in money laundering and terrorist financing. Because of this need, SAS Anti-Money Laundering enables administrators to set and change the score attributes.
One way is that administrators can load the CRR Lookups into the Postgres database in bulk. If the number of objects to be added or edited is relatively small, the best practice is to add or change these manually through the end-user interface. A new CRR Lookup can be added by clicking the CRR Lookup button under Create New Objects on the Home page. It is important to note that users need the appropriate permissions to create new CRR Lookup objects. Also, this solution does not allow bulk editing of scores.
Let’s take a look at how to add a new CRR lookup entity manually. I’m going to add a new occupation, AML IT Consultant, and give it a score of 200.
On the Home page, under the Create New Object section, I click CRR Lookup.
For Table name, I leave Occupation score. It’s important to note that this is a virtual table, which is actually a value for the column table name in the crr_lookup table in the fdhdata schema.
For Code, I enter AML IT CONSULTANT, and for Numeric Value, I enter 200. Then, I’ll save.
Now I want to navigate back to the search page and search for this newly added occupation to confirm that it was created.
On the menu bar, click Search. In the Search field, enter *, and press Enter. In the Filters pane, select CRR Lookup. Then, expand CRR Lookup to see the filter facets and select Occupation score.
Notice that there are 17 occupation scores. I see the occupation score AML IT Consultant.
To view more information about scoring and our SAS Anti-Money Laundering solution in general, please visit https://support.sas.com/en/software/sas-anti-money-laundering-support.html.
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