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Case Studies

Case Study

Senior compliance officer – Support the second line of defense of an important retail bank in transaction monitoring

FOCUS ON: Case studies,

SUMMARY

Our client, an important Belgian retail bank, has requested the help of Avantage Reply for the support of its second line of defense team in the field of AML-CFT (anti-money laundering and countering the financing of terrorism).

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, the bank asked to experienced consultant in order to help its compliance team in the review and analysis of all the alerts generated.

Avantage Reply has provided a specialized AML-CFT consultant in order to reinforce the second line of defense team. 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.

CUSTOMER GOALS

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.

CHALLENGES

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 of the biggest challenge is to be able to find experienced specialists in a short time lapse. Another difficult point is the obligation for the bank to remediate as soon as possible the 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.

SOLUTION

In the event aforementioned, the institution concerned should require the support of experienced specialists in order to help its second line of defense team and remediate as soon as possible the 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 factors for a successful reaction, the avoidance of regulator 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 bank’s compliance team and to help the bank to face successfully to this situation.

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