CASE STUDY

Driving Global Compliance: Fintech Remediates Sanctions Backlog

AML RightSource helps a major global Financial Technology Organization (Fintech) remediate a sanctions backlog, strengthening its compliance controls and mitigating risks.

Challenge

AML RightSource Streamlines Operational Efficiencies Around Sanctions Screening

Confronted with escalating regulatory risk and operational delays, a leading global payment processor required assistance to tackle a sanctions backlog in their North American operations. The key challenge was to clear the backlog of sanctions screening hits and optimize the process moving forward.

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What AML RightSource Did

The Fintech needed a financial crime compliance partner who could understand the critical components of its current sanctions screening and escalation processes and be an actionable resource to support the remediation of a growing backlog of sanctions hits.

01

We deployed a team of 5 FTEs to address and remediate the existing sanctions backlog, and the project was successfully completed on budget and ahead of schedule.

02

Our team quickly ramped to 40 FTE, completing an additional beneficial ownership verification backlog project for their Australian operations.

03

We cross-trained team members from previous engagements to tackle SAR and Transaction Monitoring backlogs. Over the course of 12 months, AML RightSource successfully completed more than 20 distinct projects related to the client’s compliance program.

04

Following an expansion to over 400 FTEs in the US, the AML RightSource team ramped up significantly in Europe to support the client’s sanctions and alert workflows within those jurisdictions.

05

Our train-the-trainer model was deployed in each new set of jurisdictional workflows, allowing for quick ramping and scaling that expanded the support scope to include over 30 workflows throughout the North American, European, Australian, and APAC regions.

The Power of Managed Services

AML RightSource used its global managed service model to assist the client with more than 30 distinct compliance workflows, ranging in complexity and geographic locations worldwide. These workflows included heavy backlog remediations in the Sanctions, Beneficial Ownership, SAR, Transaction Monitoring, and KYC areas of the client’s compliance program. The scope of support was extended to include PEP screening, Adverse Media Monitoring and Screening, KYC Merchant Reviews, and Fraud workflows.

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Value Delivered

The result was a successful remediation and ongoing maintenance of the client’s compliance screening and filing processes. The Fintech was able to mitigate the risks posed by the various alert backlogs and has continued to grow globally as one of the most recognizable digital payment providers in the industry. Today, AML RightSource supports the client across multiple workflows and geographies in a business-as-usual (BAU) capacity.

AML RightSource’s ongoing partnership with the bank has yielded significant results:

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We effectively cleared a series of backlogs related to the digital payments provider’s sanctions, beneficial ownership verification, SAR and Transaction Monitoring, and KYC workflows

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Our partnership has fortified the Fintech’s global compliance program, allowing for consistent growth in each of its jurisdictions around the world

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We have streamlined operational processes and implemented additional procedural guidelines to help the organization proactively manage the risk of backlogs

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We have a standing support team comprised of hundreds of FTEs devoted to the ongoing success and compliance of the digital payment provider

Over
the
past

7+

years, we've continuously reduced the risk of regulatory non-compliance, reputational damage, and potential financial crime losses, demonstrating our commitment to the bank's security and success.

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10,000 backlogged alerts cleared
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