Optimizing the KYC process

This bank’s redesigned Know Your Customer (KYC) process earned high marks from the FDIC.

At a glance:

When a nationwide bank and wealth management company needed to update and streamline their Know Your Customer (KYC) process, they contacted us.

Customer challenge

Our client had implemented a customized version of Actimize anti-money laundering (AML) software to conduct financial crime prevention, regulatory compliance, and risk management as part of their Know Your Customer procedures. The Bank Secrecy Act/Anti–Money Laundering (BSA/AML) team was under pressure to make the Actimize program a success, as even small mistakes could cost the bank millions of dollars, while a major mistake could shut it down altogether.

The new system was not operating as planned. Releases of updates were frequently delayed, some business users had trouble completing their requirements on time, and emergency fixes were commonly required, resulting in increased costs and longer lead times.

Why they chose us

We had completed numerous successful projects for this client, including creation of a new personal wealth management portal and a customer identity management system. Having seen first-hand our ability to deliver results through a mindful approach, they knew we were the right choice for their KYC project.

Approach and solution

We coordinated all aspects of improvements to our client’s customized version of Actimize as well as bimonthly releases. Our approach encompassed

• Gathering and documenting requirements
• UI design
• Solution design
• Coordination with the development and QA teams
• QA support
• All aspects of UAT
• All aspects of deployment
• Post-deployment production support

We coordinated with Due Diligence Operations, the Financial Intelligence Unit, and Fraud Prevention to help more than 100 users achieve an optimal working situation through system design and updates. This effort included a complete overhaul of the review process, redesign of user roles, introduction of an entirely new team (Fraud Prevention) into the process, and new metrics to track usage.

Value and benefits – “The Wins”

When the project was complete, our client had a faster process with fewer errors, which contributed to the highest rating received by any bank to date in an FDIC audit.

We also redesigned the BSA/AML team’s software development lifecycle process, resulting in fewer bugs, fewer emergency fixes, and faster development and testing cycles.