ARCHIVED CASE STUDY 2
Implementing an Anti-Money Laundering Monitoring System

The Situation
External regulatory deadlines compelled a brokerage business within a large financial services firm to seek an internal technology provider to develop an enhanced anti-money laundering (AML) monitoring system.

The Challenge
Internal Corporate Compliance, various business units, and Information Technology resources could not agree on the desired functionality for the AML system, nor could they come to consensus as to the required data and process information needed for successful monitoring.

The Objective
Business Intelligence Solutions (BIS) was engaged to develop a clear project process, including an agreed upon timeline, specific deliverables, and priorities; to help determine the critical path necessary to meet high priority development needs and identify required data elements; and to promote a working environment founded on clarity and consensus-building.

Resolution
BIS gained agreement on key development priorities and worked with internal data providers and technology staff to identify and secure required data.  BIS developed and refined exceptions processing including rules, parameters, and scoring.  BIS also led a daily “war room” exceptions review process during critical weeks before the delivery date to ensure the AML monitoring system was working as planned and to improve its effectiveness, reducing false positives by 75 percent.  All internal development goals, testing schedules, regulatory deadlines, and implementation dates were met.

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