Case Study

Financial services major leverages AML center of excellence to meet stringent regulatory requirements

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Client: A leading global financial services company with multiple commercial and retail products

Industry: Financial services

Business need addressed: Streamline anti-money laundering (AML) and know your customer (KYC) operations

Genpact solution: A unified center of excellence (CoE) for consistent processes and delivery

Business impact: Standardization, improved process delivery and risk compliance for $400 billion portfolio

A leading global financial services organization needed to enhance its AML and KYC functions to keep pace with increasingly stringent regulatory environment.

Business challenge

A leading financial services company with multiple commercial and retail products and operations in over 50 countries needed to enhance and bolster its AML and KYC functions in order to comply with new global regulations such as Dodd-Frank, ESMA and FATCA. The firm was seeking to change its existing processes and systems to seamlessly adapt to new regulations and avoid non-compliance, which could lead to financial penalties and severe damage to its reputation. 

Given its high volume of transactions and degree of manual intervention, the client’s challenge was to ensure compliance while minimizing complexity and optimizing costs. Having worked with Genpact’s  collections services since 2004, they sought Genpact’s assistance in helping them meet their AML and KYC requirements.

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Genpact approach

After performing a thorough root cause analysis, using Lean and Six Sigma principles, Genpact identified that:

  • There was a need to build relationships across key stakeholders at various levels to understand the problem areas and develop effective, efficient solutions
  • Due to a lack of consistency in approach and delivery, the talent pool did not have an understanding of business needs at the corporate level
  • Training was provided by a Big 4 consulting firm, which resulted in a lack of day-to-day, onsite operational support  
  • There were over 30,000 alerts that needed remediation  
  • Many transaction processes were still being done manually  

Genpact determined that building a unified CoE was necessary in order to look at data across the organization’s silos and provide consistent process and delivery.

Genpact solution

  • Focus on building relationships across stakeholders in risk and compliance office to understand problem areas and develop efficient, effective solutions  
  • Develop an intuitive training program to provide in-person training and onsite support during the initial go-live stages in Europe and APAC as an effective alternative to Big 4 consulting firms  
  • Deploy resources with prior experience in conducting AML audits to support client operations across the Americas and Europe  
  • Standardize all alert monitoring and remediation across different client functions, resulting in shared best practices, consistency of approach and delivery, and creation of a talent pool with a wider understanding of business needs 

Building blocks for unified center of excellence for the financial major


Business impact 

By calibrating KYC threshold scores and implementing automated process, the client realized a business impact of $400K and improved overall process delivery. 

  • Met Federal Deposit Insurance Corporation (FDIC) regulatory compliance requirements for over $400 billion portfolio
  • A centralized, effective and scalable alert remediation process with a specific focus on timely decision-making, standardization and consistency of alerts with best practices embedded across business lines

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