Project:
Anti-Money Laundering (AML)
Result:
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.
