The AML Process
The AML Process is now more important than ever. As criminal activities have continued to evolve, bank and regulators have had to work hard to keep up.
In order to stay on top, many banks are now considering automation as a way to reduce costs, improve service and free analysts for value added tasks.
From the first touch point
As soon as a person walks into a branch wanting to take out a credit card, goes online trying to secure a loan, or calls up trying to open a new business account, there’s a burgeoning business relationship to secure for your prosperity and growth.
But, for financial institutions, this is only part of the picture. In order for any of these customers to get approval for their desired product, every one of them needs to go through some form of compliance.
Customer gets in touch
Customers gets in touch with a bank to set up a new product, or make a payment
Clients request is received and flows into a core banking system which triggers an internal process.
AML software reviews the request and highlights potential red flags
Based on a nine till five schedule
Can take up to two hours to analyst to receive. Once received analyst can take up to two hours to update the AML software and if there’s a false possibly even longer.
If it require investigation an analyst will review the relevant information and make a decision on the customer
Digital Worker operation running 24 hours a day and 7 days a week
Once the AML software has flagged a customer, the Digital Worker receives the data instantly and filters through the flagged customers.
Within 5 minutes, digital workers have updated the AML software with a false positive decision, or if further investigation is needed passed onto an analyst.
The analyst investigates the case and makes a decision.
Comparison of Before and After Automation
1,000 Cases per day
4-6 hours average handling time
4000 hours, or 500 human days (based on a 9-5 day)
1,000 Cases per day
20 mins average handling time
333 hours, or 13 digital worker days (based on a 24/7 day)
Interested in finding out more?
Download our Ebook to learn how Intelligent Automation can help you with compliance
KYC and AML: Your essential guide to Intelligent Automation in Finance Compliance