Challenge
A leading Tier 1 bank faced formal regulatory action and had to clear an alert backlog across multiple business lines within a limited timeframe. The bank was subjected to a consent order due to weaknesses in its compliance program and failure to file SARs, among other findings. The bank also struggled to maintain consistent output without an enterprise-wide BSA/AML program. It was required to rebuild its AML program, identify unusual activity, and complete the necessary casework in a timely manner to file complete and compliant SARs.
Global Managed Services Approach
AML RightSource deployed a comprehensive global managed services approach to support the bank’s AML compliance, covering transaction monitoring, KYC processes, screening, fraud alert management, enhanced due diligence (EDD) reviews, SAR preparation, and law enforcement request investigations. We leveraged advanced analytics, continuous process improvement, and expert resources to ensure the bank’s regulatory adherence. The bank also developed proprietary AML platforms with automated workflows, predictive analytics, real-time data integration, and tailored reporting tools to complement these efforts, significantly enhancing procedural adherence and operational efficiencies.
Value Delivered
Our work resulted in the bank’s lifted formal regulatory action, and a streamlining of their internal processes and procedures. We surpassed the quality and benchmark standards previously set by the bank’s third-party vendors and built a long-term engagement with a flexible team to ramp and scale during the bank’s future peak periods. Our partnership with the bank also extended in the form of a European and APAC expansion, successfully onboarding and training new teams to address the challenges faced by the bank’s geographic and global footprint. In early 2020, we accomplished a seamless transition from in-office to remote work and have continued to provide quality deliverables on behalf of the bank.
AML RightSource’s ongoing partnership with the bank has yielded significant results:
Our team successfully remediated a backlog, which resulted in the lifting of a formal regulatory action against the bank.
We effectively managed and streamlined our partner’s internal processes and directly supported the continued build of their AML and Fraud program.
Through our partnership with the bank, we strategically expanded the scope of deliverable services to include a broader scope of services and jurisdictional support.
We have continued to enhance operational efficiencies and uphold global standards of excellence throughout the client’s compliance program as part of a transformed business-as-usual (BAU) model.
