I am using a Arri CCD 2 FR PAL video assist connected to the camera's Video Optic Module (VOM) and a Transvideo Rainbow II monitor.
I double checked my steps:
The Video Optic module is on, light's on, check
The Video Optic module is connected to Arri CCD 2 FR (check)
Try a different cable from VOM to CCD 2 FR (check)
BNC cable connected from VOM to CCD 2 FR (check)
Try different BNC cable (bought a new one, check).
Try to switch between A and B input on the Transvideo 2 monitor (check)
Switch Standard to PAL BG on Transvideo monitor (check)
Transvideo monitor is on (check)
Nothing, it's a black screen and just says "No Sync".