in Case studies
Client: A major Korean Bank NY Agency
The client needed to update their Anti-Money Laundering (AML) Scenario and Sanctions Screening Thresholds to comply with New York regulations requiring regular threshold updates. The aim was to align these thresholds with current transaction behaviors, enhancing the effectiveness of their AML and Sanctions Screening processes and ensuring regulatory compliance.
In the BSA/AML Transaction Monitoring Scenario & Sanctions Screening Tuning Analysis for the client, out team collected historical transaction data and reviewed the bank'ss existing BSA/AML program methodology and scenario documents.
We also conducted a gap analysis to identify areas for improvement and collaborated with the bank'ss compliance experts to refine existing monitoring scenarios and develop new ones.
The team calibrated thresholds to strike a balance between sensitivity and specificity, reducing false positives while effectively detecting genuine suspicious activities. These measures led to improved detection accuracy, enhanced compliance with regulatory requirements, and streamlined investigation processes.
By optimizing its transaction monitoring and Sanctions Screening program, the bank significantly reduced false positives, enhanced detection accuracy, and improved overall compliance with regulatory requirements.
Our Python based dashboard development revolutionized the client's AML Scenario and Sanctions Screening Thresholds tuning. It empowered the client to actively participate in the process with clear visualizations of transaction data and proposed adjustments, improving their understanding and risk-based input. The dashboard'ss automation reduced the risk of manual errors, enhancing accuracy and reliability, while timely results enabled quick responses to transaction behavior changes.