Financial Services Giant Achieves Best-in-Class Compliance Screening Outcomes

Client Overview

The client is one of the world’s largest banking and financial services organizations with over 52 million customers through its global businesses: Retail Banking, Wealth Management, Commercial Banking, Global Banking and Markets and Global Private Banking. The international network covers 74 countries and territories in six geographical regions; Europe, Asia, Middle East, North Africa, North America and Latin America.

Business Challenges

The client needed to execute an extensive remediation effort requiring a solution for hundreds of users with extensive global coverage and flexible delivery options. They experienced inflexibility with their current provider platform, gaps in international coverage and a slow response from their current provider to modify the solution based on their needs.

Solution Highlights

The RDC solution provided the ability to screen and continuously monitor all customer and transactors more efficiently against the broadest database of sanctions, PEPs, and Adverse Media. RDC was able to streamline onboarding with decision-ready, dynamic due diligence reports and enhanced protection.
The client gained an enterprise-wide solution, enabling them to screen efficiently across all lines of business. With improved response time, internal productivity increased dramatically, and 800 users were smoothly migrated in 1 month.

Benefits

Provided client with a single solution for the variety of global screening requirements from the various lines of business, e.g. wealth management and the private bank, etc. but with the flexibility to support each business to address their local screening requirements.
Defined and managed the screening rules through a centralized function, ensuring consistency and compliance with the appropriate global standards.
Provided insights into the content added, all matches, analyst decisions, and other details, allowing clients to provide close oversight of the RDC performance as well as to confidently talk to internal auditors and regulators about their screening program and adherence to policies.