Sanctions Compliance

Financial firm saved 60% staffing, cleared 1.2M alerts in 12 months

Challenge

Global Sanction Screening (GSS) could not be conducted promptly during Customer Onboarding, creating a backlog of 35,526 customers, 20%(170,000) of the total customer population requiring GSS review
Multiple sanctions scenario alert work items created complex issues in prioritisation and review
The Provider’s Web-Based Risk Management Solution lacked Data Analysis capability, requiring complete manual analysis and assignment of all work items by the Team Lead on a weekly basis

Elevate assembled project team with
One (1) Project Manager,
One (1) Team Lead, and
Five (5) Compliance Analysts
Established a workflow equipped with an Escalation process and corresponding canned language to limit review time and ensure consistency amongst work items
Assigned and prioritised work items based on risk level, initiating the review of Sanction and Politically Exposed Person (PEP) works items first
Sourced eight (8) Contracted Compliance Associates for six (6) months to increase productivity within the projected timeline

Delivered time value by meeting production deadline in 12 months

Sanction Compliance Risks were mitigated for all higher affluent, high-value relationships, resulting in no customer financial

Risk Mitigated by identifying and recommending approximately 37 customers (less than 1%) for relationship termination

Strengthened Operational Governance by enhanced support of performing GSS reviews on all new customers uploaded monthly (continued)