A well-known community bank based in the US, offering loan servicing, finance and accounting, retail banking, electronic banking, and other services.
- 31 CFR Chapter X-related leakages identified in CTR & SAR filing
- Legal and operational risks with potential reputational implications
- Minimal cross-functional coordination
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
- 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