Success Story
Client Introduction
A well-known community bank based in the US, offering loan servicing, finance and accounting, retail banking, electronic banking, and other services.Problem Statement
- 31 CFR Chapter X-related leakages identified in CTR & SAR filing
- Legal and operational risks with potential reputational implications
- Minimal cross-functional coordination
Solution Offered
Consultative BSA/AML-focused risk mitigation program for determining critical risk patterns and factors. The solution approach addressed compliance issues by leveraging the High-Risk Categorization (HRC) methodology. Proprietary Digital Knowledge Operations (DKO)™ framework enabled data validation and process automation.
Key solution delivered
- Requisite controls to ensure a robust data governance model
- Data validation optimization to mitigate the potential risks
- Consultative deployment of the standard quality audit model to eliminate oversight risks
- Comprehensive High-Risk Customer categorization documentation
- Highlighting of risks associated with delayed EDD review/SAR filings
Business Outcomes
- Enterprise-wide compliance to mitigate financial penalties and reputational risk
- Safeguard against nefarious individuals and entities from exploiting the system
- Continuance in planned growth and expansion prospects
-
Optimize your AML compliance with advanced solutions
Financial Crime ComplianceThe High Costs of AML Transaction Monitoring: Can Machine Learning Help?
The Bank Secrecy Act (BSA) obligates financial institutions to follow a stringent...
-
Protect Against Scams
Financial Crime CompliancePig Butchering Scams: Red Flags and Mitigation
Pig butchering scams involve scammers contacting potential victims and gaining their trust...
-
Enhance Your Transaction Monitoring Today
Financial Crime ComplianceHow to Build a Robust Transaction Monitoring System for AML Compliance: Guide for Bankers
The banking industry continues to build robust AML compliance systems and practices...
-
Enhance Your Compliance Strategy
Financial Crime ComplianceFATF Risk-Based Approach to Managing Financial Crime Compliance – Guidance for Banks
Adopting a “risk-based approach” or RBA is crucial for financial institutions to...
-
Strengthen AML Strategies
Financial Crime Compliance6 Types of Money Laundering Typologies Banks Must Know
Money laundering is one of the most critical challenges faced by banks...
-
Enhance Your AML Strategies Today
Financial Crime ComplianceEvolving AML Trends: How Global Sanctions and Regulations Impact Compliance Strategies
In recent years, the landscape of Anti-Money Laundering (AML) violations and fines...
-
Enhance Your FCRM Strategy with Anaptyss
Financial Crime ComplianceWhat is Financial Crime Risk Management (FCRM)?
Financial crime risk management or FCRM refers to the process of protecting...
-
Enhance Your AML Strategy
Financial Crime ComplianceIdentifying Predicate Offenses to Strengthen AML/CFT Compliance Strategy
Understanding predicate offenses is critical for banks and financial institutions to prevent,...
-
Learn More About Fraud Prevention
Financial Crime ComplianceReal-Time Payment Fraud Detection & AML Compliance: Expert Strategies for Banks
In the constantly changing world of banking, spot payment scams as they...
-
Strengthen Your Compliance Framework with Anaptyss
BSA/AML Compliance, Financial Crime ComplianceBSA/AML and Sanctions Program Framework: Key Imperatives for Banks
A robust BSA/AML and Sanctions Program framework is crucial for banks to...
-
Strengthen your AML compliance strategies
Financial Crime ComplianceHow Money Laundering Schemes Changed in the Digital Age
Technological developments, especially in the financial services sector, have provided criminals with...
-
Optimize Your Enhanced Due Diligence
Financial Crime ComplianceWhat is Enhance Due Diligence (EDD) in Banking and Financial Services
At its core, Enhanced Due Diligence is a comprehensive set of KYC/AML...
-
Enhance Your OFAC Compliance with Anaptyss
Financial Crime ComplianceAn Overview of the OFAC Sanctions and Program Types
Economic and trade sanctions are one of the ways the United States...
-
Financial Crime ComplianceThe Rise of Cryptocurrency: Benefits, Risks, and Mitigation Strategies
The world transcended from national or regional markets to a global marketplace...
-
Enhance Your Fraud Risk Management
Financial Crime ComplianceFraud Risk Management: Key Challenges in Banking
Fraudulent activities are becoming more sophisticated in banking and financial services with...
Want to learn more or need a solution?
Write to us: info@anaptyss.com
