Remember the good old days when your local banker knew everyone in the neighborhood and deals were sealed with a handshake? For better or worse, those days have been relegated to old movies and memories. Today’s bankers have a host of concerns, including major security and compliance issues.
One of the most significant US regulations with which bankers must comply is the Bank Secrecy Act (BSA). Passed in 1970 and amended several times since, the BSA requires financial institutions to help government agencies detect and prevent money laundering through an often arduous process.
This major US bank was dedicating a significant amount of time to mundane, repetitive, and manual data-gathering tasks necessary for anti-money-laundering (AML) and know-your-customer (KYC) compliance. Error-prone, inconsistent manual checks were taking time and energy away from higher value strategic activities, creating multiple backlogs, and were adversely affecting the bank’s compliance standards. So the bank set out to determine how to create additional capacity and eliminate errors while improving regulatory compliance.