CASE STUDY

Streamlining KYC: How A Global Bank Cut its KYC Process Time by 50%

AML RightSource successfully supports a major global bank in remediating a KYC backlog and implementing additional program controls.

Challenge

A large multinational Investment Bank with holdings exceeding $1 trillion needed assistance to clear a KYC-related backlog of 11,000 cases in less than 9 months and help addressing its quality control pass rate (hovering around 30%). They needed a trusted global partner to help them clear their backlog and reinforce their regulatory compliance program.

Rectangle 51

What AML RightSource Did

The bank needed a managed service partner with a global presence to assist with workflows across multiple languages, including English, German, Polish, Spanish, Italian, Russian, Mandarin, Turkish, Danish, and Bulgarian, as well as create and further develop customer onboarding files and quality control functions for the business line.

01

We worked closely with the bank’s internal training team to ensure we had a firm grasp of the project's needs and remediation actions.

02

In a 3-week window, we trained and ramped a cohort of 250 AML RightSource FTEs alongside the bank’s internal operations members in US and European jurisdictions.

03

Our team of specialists significantly increased the client’s quality control pass rating from 30% pre-engagement to over 83%. This expedient delivery model supported the completion of the backlog work in eight months—well ahead of the scheduled deadline.

The Power of Managed Services

AML RightSource used its global managed services to assist the bank with an initial 11,000 case backlog, extending the scope of support to include additional KYC, Transaction Monitoring, Surge Support, and further testing and backlog-related projects.

image-2

Value Delivered

The result of the initial scoped project was a successful remediation of 11,000 alerts and a 50%+ boost in quality control pass rate. In 2022, the US team expanded to support additional backlogs and KYC and Transaction Monitoring workflows and broadened further in 2023 to include ongoing surge support and name list screening in the US, EMEA, and APAC regions.

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

Icon Tick

Effectively cleared 11,000 KYC-related cases in 8 months – faster and more accurately than previous external or internal benchmarks.

Icon-5

Our team efficiently mitigated additional compliance program risks associated with outstanding KYC and TM backlogs and continues to assist the bank with additional workflows.

Icon Arrow

Our partnership has elevated the bank’s quality control checks of completed files to 95%+.

Icon Analytics

60% of all new US client adoptions are currently managed by our specialist teams within a business-as-usual (BAU) model.

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.

More Topics

Tech Giant Strengthens Financial Crime Compliance
Know More
Fortified the Fintech’s global compliance program
Know More
Tier-1 Bank Elevates Anti-Money Laundering Controls
Know More