Challenge

AML RightSource Elevates Anti-Money Laundering Controls for a Tier 1 Bank

A leading Tier 1 Bank faced a significant compliance challenge - a backlog of over 10,000 transaction monitoring and fraud-related cases that needed to be cleared within three months to avoid non-compliance fines. The bank had previously suffered from issues with a prior vendor and was under a consent order due to technology and staffing deficiencies in its AML program. The key challenge was to clear the backlog and improve the bank's AML controls to ensure regulatory compliance.

What AML RightSource Did

The bank needed a managed service provider with a broad understanding of its operations, deep AML advisory expertise, a global network, and extensive commercial banking and financial crime capabilities.

01

We worked closely with the bank to define and streamline workflow processes, creating step-by-step job aids to train and scale the team efficiently.

02

Our team took a hands-on approach, working seamlessly with internal resources to clear the backlog while providing performative insights to fuel the evolution of the bank's AML controls throughout the engagement.

03

We initially deployed a team of analysts in North America to address the bank’s issues, and quickly scaled support to manage the high volume and short runway of the backlog.

04

Developed a graduation process internally that incorporated a risk-based approach to internal quality oversight and deliverability, successfully mitigating the risk posed by the bank’s backlog and previous staffing concerns.

The Power of Managed Services

AML RightSource used its global managed services to assist with multiple workflows including transaction monitoring adjudication, SAR preparation, PEP screening, fraud handling, and enhanced due diligence reviews.  We ensured consistency and quality across different workflows through weekly calibration sessions with the bank and our internal quality team.

Value Delivered

The result was a significant reduction in the backlog of cases. The bank was able to shorten the range from an initial alert age of 30 days to 1 year+, to a 15-day age window within the three-month project period. This dramatic improvement in efficacy led to the lifting of the FDIC consent order following the three-month project period. Additionally, when the bank experienced a surge in fraud cases, we quickly adjusted our support, reallocating resources, and successfully addressed and mitigated the risk posed by the increased workload.

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

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We effectively reduced the bank's backlog of alerts. In the first three months alone, we cleared more than 10,000 backlogged alerts. In the ensuing years of our partnership, we have successfully completed millions of alerts and reviews on behalf of the bank.

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Our team quickly mitigated risks associated with a ten-month fraud campaign, which resulted in a dramatic increase in AML and fraud queues.By swiftly reallocating resources, we effectively handled this threat

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Our partnership has enhanced the bank's capacity to process and scale reviews, preventing the buildup of future backlogs.

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We've streamlined operations across multiple queues, reducing processing times and improving quality results.

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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