The challenge
A major European bank was facing a significant challenge to effectively comply with the anti-money laundering and anti-terrorism financing act. As regulations change rapidly and money laundering tactics evolve, significant investment in advanced technology and resources are needed to effectively identify and prevent suspicious activity. Managing the significant amount of data required to detect potential money laundering activities while also reducing the number of false alerts is proving to be a major obstacle for this bank.
Crucial objectives for this bank in successfully executing their AML and KYC programme was achieving a high level of operational efficiency while maintaining a smooth customer experience.
For the operational execution of the client reviews, the Redmore Performance Center was asked to provide a solution.
Our approach
The first step was to form a multidisciplinary team that was scaled up over time to 35 FTE with the right expertise and experience, consisting of KYC analysts, quality controllers and a team lead. With our in-dept domain expertise and by leveraging our broad experience in executing similar compliance projects on the Performance Center, we were able to start quickly. The focus was on processing a high volume of customer reviews.
Through effective project management and efficient quality control, the project consistently achieved a quality standard of over 90%. By using the right people, an efficient approach and a focus on high quality, the Performance Center team enabled the bank to deliver this project three months ahead of the deadline.
Our solution contributed to the banks objectives and enabled the client to focus on its other internal challenges while important deadlines and obligations to the regulator were met. Based on these results, the client asked us to support other workstreams as well.
