Success Story

Consultative BSA/AML-Focused Risk Mitigation Program for US-Based Community Bank to Meet the FDIC Directives

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Client Introduction

A well-known community bank based in the US, offering loan servicing, finance and accounting, retail banking, electronic banking, and other services.

Problem Statement

31 CFR Chapter X-related leakages identified in CTR & SAR filing
Legal and operational risks with potential reputational implications
Minimal cross-functional coordination

Solution Offered

Consultative BSA/AML-focused risk mitigation program for determining critical risk patterns and factors. The solution approach addressed compliance issues by leveraging the High-Risk Categorization (HRC) methodology. Proprietary Digital Knowledge Operations (DKO)™ framework enabled data validation and process automation.

Key solution delivered

Requisite controls to ensure a robust data governance model
Data validation optimization to mitigate the potential risks
Consultative deployment of the standard quality audit model to eliminate oversight risks
Comprehensive High-Risk Customer categorization documentation
Highlighting of risks associated with delayed EDD review/SAR filings

Business Outcomes

Enterprise-wide compliance to mitigate financial penalties and reputational risk
Safeguard against nefarious individuals and entities from exploiting the system
Continuance in planned growth and expansion prospects

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