Due to the complexities and cost of managing an increasing number of anti-money laundering (AML) regulatory requirements, a multi-national insurance and asset management organization with 20 business units across seven countries sought to consolidate their compliance processes and systems. Corporate-wide standardization had become difficult because each country was using a different data provider and screening solution.
The organization wanted to implement a single source solution to ensure that all business units in all regions followed the same screening processes and adhered to the same high standards. And the solution needed to be fast and easily scalable to meet their anticipated record volume growth, estimated to surpass one hundred million records in the next few years, while still meeting the company's processing windows. After a careful evaluation, the organization selected FinScan as their solution for screening customers, partners, and other associates against sanctions, PEPs, and negative news data. FinScan offered the most flexibility and speed in implementation, rapid processing capability, and a scalable solution they sought to accommodate the specific business needs as well as their high growth across all regions.
Today, the organization has gone from using seven different screening solutions to a single solution. A global compliance team in Europe sets the overall strategy and procedures for all 20 business units. The team is now able to easily deal with escalated cases and create centralized reporting on all regions. Local compliance teams are responsible for client data, reviews, and compliance activities in their corresponding regions. With FinScan, the organization was able to achieve substantial cost savings as well as increased efficiency in support and maintenance.