Seminar Will Feature New Ways to Revamp Anti-Money Laundering Regulations
Teaneck, NJ (Feb. 18, 2009) —A new way to revamp anti-money laundering regulations using the guiding statistical principals of noted quality control guru, the late Dr. Edward W. Deming, will be the focus of an upcoming talk by Steven Zweig.
Zweig, an anti-money laundering (AML) expert based in New York City and an adjunct business professor in math and statistics at Fairleigh Dickinson University (FDU), will detail how Deming’s principles, used in domestic and foreign manufacturing to transform and reform modern industrial settings, can and should be applied to current anti-money laundering methods.
Zweig will deliver this invited presentation at the 15th Annual International Deming Research Seminar at Fordham University, 113 West 60th Street, Lincoln Center on Feb. 23, 2009, at 1:30 p.m.
Deming is the statistical guru who came to the defense of the U.S. during World War II when he was a member of an emergency technical committee tasked with compiling American War standards that proved invaluable for wartime production. Deming’s long collaboration with Walter Shewhart of Bell Labs involved work on productivity during World War II that led to the establishment of well recognized Statistical Process Control and Statistical Quality Control techniques that were a vital part of this country’s war-time production.
“As a consultant to U.S. banks since 9/11, I couldn’t help but think what would Dr. Deming do in our current period of foreign threats to national security,” said Zweig. “How might Dr. Deming’s methods, his 14 points to management, his theory of profound knowledge or his 4-step plan of action be used in the post 9/11 world, with its emphasis on security, fraud and AML detection?”
Zweig develops and designs business intelligence and decision support studies and implemented statistically-based early warning systems for domestic banking and financial institutions. He has employed data mining, statistical sampling and quality control techniques for Wall Street financial institutions. These techniques, which focus on fraud detection and anti-money laundering regulations, demonstrate how Deming’s continuous quality improvement techniques could be implemented to direct an institution’s compliance and surveillance programs under federal anti-money laundering regulations.
“There is a continuing, current need to employ Dr. Deming’s principles in monitoring compliance with anti money laundering regulations,” he said. Certainly, I am aware that Dr. Deming was best known during his lifetime for his role in improving quality through sampling design in manufacturing. However, there is no reason why Dr. Deming’s principles could not easily be transferable to the service industry today.”
Zweig’s talk will demonstrate how Deming’s principles would improve the monitoring of financial transactions under mandated anti-money laundering regulations. His techniques showed recent promise directing a financial institution’s compliance and surveillance programs.
Zweig received his MBA in quantitative analysis from the Stern School of Business at NYU. It was there that Zweig was selected to write a thesis under Deming’s tutelage. He obtained his BA and MS degrees from the University of Pennsylvania and certificates in research methodologies from the Wharton School at University of Pennsylvania, MIT and the SAS (Statistical Analysis Systems) Institute.