Automation transforms “Know Your Customer” (KYC) processes from reactive compliance effort into an innovative advance screening methodology.
Background
Deutsche Bank, managing $780B in assets, typically spent more than 40 hours per account in new account investigations and anti–money laundering efforts such as screening addresses, suspicious transaction tracking, adverse media monitoring and checks for politically exposed persons (PEP). This left less time to perform the deep analysis required for a robust AML program.
Process Overview
Individual team members scanned news reports for keywords and flag words as part of the KYC evaluation. New account screening and refresh screenings were highly manual, requiring thousands of individuals looking for anything that warranted deeper investigation.
Solution
WorkFusion’s intelligent automation completes the same work in less time and with significantly more depth by looking for not just keywords, but leverages AI to consider the context of those keywords. This sharply reduces false-positive results, helping analysts and remediation teams utilize their core competencies and focus their time on items of potential account risk or compliance concerns. Also, a forward screening model allows the bank to track AML activities more rigorously — to keep them ahead of risks and threats.
