Top Three US Commercial Bank Automates Rescreenings

KYC Compliance

  • June 11, 2017
  • Case Study

Top three US commercial bank wanted to increase the speed and volume of new business applicant processing and institute ongoing entity monitoring.

  • Internal investigators utilized a single data vendor that matched entities and returned full set of results for further internal processing 24 hours later.
  • The de-duping process for one entity could last up to several hours and was not standardized.
  • Approximately 200 entities investigated per day by an outsourced team of 10-15 professionals.
  • Monitoring occurred haphazardly at 3 month, 6 month and/or 1 year intervals, depending on when internal scheduling and resource bandwidth permitted.
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