The Challenge
In 2022, our client, a startup, found themselves in need of a comprehensive solution to address their Anti-Money Laundering (AML) requirements. They recognized the importance of ensuring compliance with AML regulations, particularly in the context of customer onboarding and ongoing monitoring. After careful evaluation, they decided that their best option would be an AML SaaS (Software-as-a-Service) solution to meet their needs.Â
Our client chose D8 Corporation primarily because of the customization possibilities of our Anti Money Laundering Platform, while still offering the desired SaaS commercial conditions.
Solution We Offered
AML SaaS KYC & Screening
The client’s primary goal was to streamline their customer Know Your Customer (KYC) process. This involves verifying the identities of their customers and assessing the potential risk they pose for money laundering or other illicit activities. They sought an AML SaaS solution that could automate and expedite this process. It would enable them to onboard customers quickly and efficiently while maintaining compliance with AML regulations.
We offered Anti Money Laundering Platform and tailored the data exchange format to our client’s requirements, allowing them to send us their KYC questionnaires automatically upon receiving a new application from the customer through their website. Our AML SaaS platform processes these applications in real time by applying data validation and real-time sanction screening in various databases. Our client also reserves the flexibility of adding commercial databases (such as LexisNexis, Dow Jones, or Refinitiv) at any time without any involvement from our side.Â
When a match is found, our platform sends an event to our client’s back office system to deny the application.
Risk Scoring
Furthermore, the client was interested in implementing a risk-scoring mechanism to assess the level of risk associated with each customer and transaction. They recognized that assigning risk scores would enable them to prioritize their efforts and allocate resources effectively. They expected the selected AML SaaS solution to provide customizable risk-scoring models that could be tailored to their specific business needs.
Our platform provides our client with full flexibility in defining multiple risk classification models. Our client can define their application rules, target customer segments, and other parameters without our involvement.
Ongoing Payments Monitoring
Lastly, the client emphasized the importance of continuous monitoring of payment activities to detect any suspicious behavior promptly. They sought an AML SaaS solution that could monitor all payment transactions in real-time, flagging any potentially fraudulent or suspicious activities for further investigation.
The flexibility of our rule builder is almost unlimited, providing our client with an easy way of fine-tuning different screening scenarios. All changes in the system can be made through web GUI, making the system accessible to nontechnical users.Â
The Results
- Launched an automated KYC processing for all new applications
- Launched several risk-scoring models for approved customers
- Continuous monitoring of incoming/outgoing payments for all customers
- Full compliance with FCA requirements for screening & reporting
- Successfully avoided upfront CAPEXes with the SaaS model
