AML and Sanctions Screening Review

AML and sanctions screening faces many challenges

Over the past 10 years, enforcement actions related to AML have been on the rise. Regulatory authorities have become more vigilant in the battle against money laundering and terrorist financing, with regulators levying $36 billion in fines worldwide.

The growing importance of AML compliance, coupled with the inability to increase screening capacity fast due to the use of outdated technologies and inefficient processes, creates several challenges for financial institutions:

• Rising costs
  

  AML teams’ staffing and training cost large institutions hundreds of millions annually and create significant cost pressure for institutions.

• Operational inefficiency

  Analysts spend most of their time performing nonanalytical work, such as gathering manual data across multiple systems. A lot of effort is wasted on checking what turn out to be false positives, which account for 95% of screening results.

• Poor work quality

  Inconsistency in decision-making across analysts and variability in recorded audit trails creates a challenge. In the best case, this results in unnecessary work for L2 teams; but in a worst-case scenario, the bank can miss a true hit and get exposed to sanctions risk.

• Employee dissatisfaction

  Tedious manual work creates a poor work experience for employees, resulting in high turnover.

• Poor customer experience

  Delays in account opening or payment processing and navigating an excess of touchpoints in the process all impact the customer experience.

To remediate these inefficiencies, financial institutions should integrate Intelligent Automation solutions into their current technology infrastructure.

Eliminate false positives with pre-built solutions for AML and sanctions screening review

Within 12 weeks of implementation, our solutions for AML and sanctions screening review can drastically reduce the number of false positives generated by screening software, reduce the manual work required to dispose of them, and improve both the work experience and employee performance.

Payment Sanctions Alert Disposition reviews alert messages generated by a payment-screening system and identifies whether notices are false-positive or require additional review. A person sees the evidence and rationale on a single screen and makes the final decision. This solution reduces the number of false positives requiring review by 75%.

Name Screening Alert Review for Sanctions and PEP determines if an alert related to a customer’s name is a true match or a false positive. The solution lowers the number of false positives an analyst must review manually, reducing the time and effort required to define whether a customer is a politically exposed person (PEP) or on a sanctions list.

Adverse Media Monitoring streamlines the negative news search process by analyzing articles’ risk content and sentiment and compiling a list of flagged articles that need analysts’ attention and judgment — helping analysts make decisions 10x faster and enabling the team to process larger volumes with higher accuracy.

See how the solution works:

Reap the benefits of Intelligent Automation

By adopting WorkFusion^® Intelligent Automation, financial institutions can gain a number of benefits, including:

Want to learn more?

Read about WorkFusion’s automation solutions for AML screening, sanctions screening review and other anti-money laundering operations, find more customer success stories, white papers by WorkFusion experts and analyst reports on our website.

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