Hundreds of financial institutions in the US and globally are being fined for AML failures. Some of the major financial institutions such as HSBC, Standard Chartered and BNP Paribas also failed to keep up with regulations. Many other institutions have also been fined for smaller amounts over the years as well.

Our team of experts started working with a US bank. The bank wanted to transform the traditional process of new client onboarding which was time consuming, resulting in an unpleasant customer experience and high compliance cost for bank. Our team collaborated with the bank to understand their current AML and KYC processes. We worked along with our two portfolio startups for 3 months to upgrade the complete onboarding journey of a new client. A complete digital solution was developed to meet ever evolving AML compliance requirements and monitor financial fraud scenarios across customers, employees and agents. The solution involved Automated reporting, Suspicious activity monitoring, know your customer due diligence etc.

Impact

  • Client onboarding process cost reduced by 30-40%.
  • Customer onboarding time reduced by 60%.

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