The challenge

Our clients needed to automate and optimise the management of their money laundering and terrorist financing prevention processes. The need was to improve efficiency in the management and registration of a large number of clients and to streamline the work of the Compliance Department.

The institution's heavy workload meant taking on reputational and operational risk, as well as making the tasks more tedious and complicated. In addition, they requested traceability of their alerts and their management, as well as a single repository where they could store all this information linked to the management of the Department's processes.

Dominion's Plus

Our proposal was to integrate Alert into the customer Onboarding process of a financial institution, obtaining excellent results in two ways:

• On the one hand, it allows the Entity to accelerate the execution times of this process.
• On the other hand, by obtaining customer Screening and Scoring data immediately, it increases the reliability of the data obtained with a view to complying with regulatory requirements on the prevention of money laundering and the financing of terrorism.

Results

The results obtained with this project have made it possible to speed up the entity's money laundering and terrorist financing detection work. Today, the integration of Alert in Onboarding Digital means:

• A reduction in the risk of regulatory sanctions and fines.
• Early detection of suspicious activity.
• Fraud reduction: By identifying and preventing fraudulent activity, AML software can help reduce the risk of financial loss to your company and your customers.
• Automating much of the process of monitoring and detecting suspicious activity, saving your company time and resources.
• Reduced potential errors: By automating compliance processes, human error has been reduced and the efficiency of the financial firm has increased.