2,000 transaction monitoring alert backlog with a 3 month deadline for a financial technology company
A financial technology company required AML RightSource’s assistance to clear a backlog of over 2,000 transaction monitoring alerts with a 3 month deadline. Specifically, AML RightSource was asked to develop a team of professionals to adjudicate alerts, identify, and escalate potentially suspicious activity by filing Suspicious Activity Reports (SAR) with the Financial Crimes Enforcement Network (FinCEN) and National Crime Agency (NCA) for potentially suspicious activity occurring both domestically and internationally.
Working remotely, AML RightSource deployed a team of 22 professionals to adjudicate the alerts spread across the Cleveland, Hudson, and Phoenix offices. AML RightSource analyzed each case and filed SARs when necessary, completing the backlog 10 days ahead of the project deadline. Upon review, neither internal audit nor the client’s regulator found any material deficiencies in the work of AML RightSource.
Since completion of the backlog, AML RightSource continues to provide the client with ongoing case disposition work and SAR filing services as part of the client’s Business as Usual (BAU) process.