A provider of anti-money laundering (AML), know-your-customer (KYC) and Bank Secrecy Act (BSA) compliance solutions, AML RightSource is set to have its Automated EDD solution leveraged by Banesco USA for efficient, compliant customer risk reviews with improved AI processes that help deliver detailed assessments and reporting.
As per the information provided in the press release, AML RightSource’s AI-powered Automated EDD solution assists Banesco with conducting periodic risk reviews in an efficient manner, leveraging Bank customer and corporate registry data. Focal entities together with their counterparties are evaluated across an extensive range of risk-bearing characteristics, which include adverse media, PEP/SOE, watchlists, and cryptocurrencies, amongst others.
What is more, the solution can also characterise related transactions by making use of multiple criteria such as transaction type, jurisdiction, and line of business to be able to spot anomalous activity. The solution then leverages this information in order to produce algorithmic risk scores and dynamically determine customer risk segmentation based on Banesco-established definitions.
When commenting on the partnership announcement, Alba Prestamo, Banesco USA Executive Vice President, Chief BSA and Compliance Officer stated that the deployment of the AML RightSource Automated EDD solution marks an ‘integral part’ within their strategy of integrating innovative and intuitive technology into their compliance programme to be enabled to reduce risk efficiently as well as prevent financial crimes across their operations.
The press release further details that AML RighSource’s EDD solution can not only help automate data-intensive research that is required for accurate risk assessment, but also present its findings to AML/BSA investigators in detailed High-Risk Entity Reports (HRERs) that offer scored risk with key details auto-generated case narratives for reporting and decision-making that is both fast and consistent. What is more, the compliance and IT Banesco teams can also benefit from AML RightSource’s secure, cloud-based environment, ensuring complete implementation in a maximum of 90 days.
Furthermore, as experienced AML/BSA investigators spend, on average, between 12-15 hours to conduct comprehensive EDD reviews, the Automated EDD solution aims to reduce this time to three-four hours and provide an efficient, time-saving solution that can collect and analyse two to five times more case-related data compared to manually intensive EDD processes.
David McLaughlin, Executive Vice President of Technology Sales at AML RightSource added that financial institutions are cumbered with lengthy EDD refreshes that require significant time even from experienced investigators. Having this knowledge as its basis, the company’s Automated EDD solution aims to provide an improved experience for a bank’s compliance team by enabling investigators to have their focus on adjudicating and evaluating a case without having to spend extensive time collecting and compiling data.
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