Anti-Money Laundering (AML)


Mature and measurable processes that were designed with key checks in place to report on possible money laundering transactions.

1. Problem Statement

  • The Financial Intelligence Council (FIC) informed the bank that they have suspicion that a large number of transactions that are currently running through their systems, might involve money laundering initiatives;
  • The processes and metrics that were in place to report on these transactions were insufficient;
  • A work method had to be designed to process all these transactions after which a team had to be sourced, trained and upskilled to execute on a daily basis.

2. Solution Approach

  • Understand the financial transaction processes relating to money laundering;
  • Design the work method;
  • Source and train a dedicated full-time team to track and report on these transactions;
  • Visualize and report on the results (daily, weekly and monthly);

3. Project Outcomes

  • Standardized work method to investigate and track possible money laundering transactions were put in place;
  • This project outcome was used to systemize a more permanent solution;
  • The bank had the capability to report on money laundering transactions which ultimately avoided the penalty from the FIC on the Bank.