Overview
As regulatory scrutiny increases globally, financial institutions face greater demands to identify and prevent financial crimes, including money laundering, fraud and terrorist financing. Transaction monitoring is a crucial tool in helping institutions comply with these requirements.
Our client, a leading Australian payments fintech, aimed to set up operations in Spain and India to transform its transaction monitoring processes and manage back-office migration.
The Challenge
Overcoming business expansion challenges and service migration
The organization aimed for a strategic expansion and needed a comprehensive approach to deal with the multi-faceted challenges, which were as follows:
- Establishment of operations across new geographic locations.
- Migration of back-office services while handling business and remediation tasks.
- A streamlined process for efficiency and compliance.
The Objective
Scaling compliance and risk management
We aimed to enhance risk management by improving our client's transaction monitoring system. With a strong focus on strengthening compliance, detecting fraudulent transactions and reducing manual intervention, we successfully revolutionized transaction monitoring for the fintech major.
The Solution
Improving transaction monitoring for enhanced risk management and regulatory compliance
Our comprehensive solutions and services are designed to help organizations mitigate risk and ensure regulatory compliance with a seamless support system.
- We delivered end-to-end transaction monitoring services, including suspicious alert investigations, KYC document analysis and black-list report creation.
- We deployed our domain-expert FTEs across two delivery locations (Chennai and Madrid).
The Impact
Leveraging the power of automation
We harnessed the power of automation to enhance efficiency and drive seamless business operations. The implementation resulted in multi-fold benefits, which are as follows
- Significant increase in the review of alerts exceeding 250,000 alerts annually resulted in clearing past due backlogs, reduced operational costs and enhanced compliance efficiency.
- Reduction in operational costs by 40% while enhancing compliance and regulatory efficiency.
- Scaled operations by combining deep-level RPA and ML.
