Optimized AML and KYC functions enable US financial major to achieve high performance

A US-based financial institution with a global footprint needed to upgrade its existing AML and KYC programs in order to meet changing and more challenging compliance requirements, remain competitive and maintain overall high performance. The financial institution wanted a partner with extensive industry knowledge and experience in the AML and KYC arena along with the capability to deliver a successful solution quickly at multiple locations around the world.

Business challenge

The financial institution wanted a team with domain expertise and an ability to work globally with teams around the world to assist in a variety of AML and KYC initiatives:

• Customer onboarding and ongoing account monitoring alert remediation services in Americas, Europe, and Asia-Pacific regions
• Enhanced due diligence remediation for high risk portfolios
• AML remediation for bank and non-bank portfolio of a specific business
• Transaction monitoring alert remediation for Americas
• Client onboarding/KYC training for front line and back office staff across multiple jurisdictions in Europe and Asia
• Compliance monitoring, surveillance and testing support across Americas and Europe

Genpact solution

Genpact provided a multi-dimensional solution to enable the client to meet its AML and KYC enhancement initiatives:

• The engagement started with an assessment of existing compliance processes to identify key challenges and develop an effective solution
• A virtual captive was created for alert monitoring and remediation needs across different functions within client operations
• Best practices were implemented which helped standardize processes and built-up a talent pool with domain expertise to drive consistency across functions
• Documentation and alert remediation including a clear audit trail with defined documentation structure
• A transaction monitoring tool was implemented to screen and mine all available transaction data for risk leakage and red flags. This tool will also enable the client to extract and analyze transaction data in near real time. Genpact also implemented trackers for open alerts and resource management
• Working closely with the client Genpact developed an intuitive training program to provide consistent in-person training on Client Onboarding and KYC processes for front and back office staff across multiple geographies. We also provided shoulder surfing support during the initial go-live stages in Europe and APAC
• Genpact deployed resources with expertise in conducting AML audits to support the client in operationalizing their monitoring, surveillance and testing program across Americas and Europe

Business impact

• Rapid deployment of skilled resources enabled client to move forward with initiatives quickly
• Consistent client onboarding and KYC training proved to be cost effective
• Genpact CoE provided much-needed agility and scalability
• Consistent and scalable alert remediation process with embedded best practices facilitated risk mitigation and timely decisions