Our client, a Belgian retail bank, has requested the help of Avantage Reply for the constitution of a special task force in the field of AML-CFT (anti-money laundering and countering the financing of terrorism (AML-CFT).
Due to the enhancement of the level of its transaction monitoring system, the bank has identified several new alerts related to recent transactions made by its clients. In order to face properly to this exceptional situation, a special task force dedicated to the review and analysis of these cases has been set up.
Avantage Reply has provided a specialized consultant in order to reinforce the team of analysts. Through the work of this special task force, the bank has been able to face quickly and properly to the cleaning of these alerts and, then, to ensure the highest level of due diligence towards its clients and transactions.
The bank’s goals were the full screening and identification of all the new alerts generated by the transaction monitoring system, the analysis and control of the clients concerned as well as the transactions at the origin of the alerts and any other suspicious transaction. The main aim being the quick and proper cleaning of all the alerts through enhanced analysis and the full identification of all the suspicious clients or transactions.
As one of the major retail bank of Belgium and abroad, our client is submitted to the AML-CFT regulation and, therefore, must conform to all the related obligations. One the biggest challenge is to be able to find experienced specialists in a short time lapse and the setting up of an internal special task force. Another difficult point is the obligation for the bank to remediate as soon as possible to situation and, on the same time, to ensure the highest level of due diligence towards its customers and transactions. Finally, there is the challenge of the full compliance of the bank to the AML-CFT requirements for a minimal impact on its business continuity.
In the event aforementioned, the institution concerned should set up an internal special task force composed by a team of experienced specialists in order to remediate as soon as possible to situation. The prompt identification and management of the specific alerts as well as the strong analysis of the clients and transactions concerned are one of the key for a successful reaction, the avoidance of regulator’s sanction and a minimum of impact on the reputation or the business of the institution.
In this context, Avantage Reply has provided an experienced and specialized member of its Compliance team in order to strengthen the team of analysts and to help the bank to face successfully to this exceptional situation.