Increased efficiency
Automated workflows and data analysis significantly reduced the time and resources previously spent on manual data collection and report generation.
Background
A local Dutch fintech operated in a highly regulated environment, with regulators in The Netherlands typically being stricter than those in other EU countries. This fintech, recently secured, was responsible for managing and processing public transport transactions across multiple countries and had experienced significant growth in recent years.
Previously, the AML/compliance department was handled by a single unit with little to no division of responsibilities. In response to its growth, the company has split the compliance and AML functions into separate departments and made appropriate hires to meet increased demands. Hence, the compliance monitoring and reporting processes were underdeveloped in comparison to the overall growth the company had experienced.
Solution
Here is how we addressed the challenge:
- Automated workflows: By collaborating with the fintech subsidiary and its parent organisation, we were able to streamline automated workflows, facilitating efficient data collection and analysis.
- Customisable reporting dashboards: We developed interactive dashboards that provide senior management with real-time insights into key compliance metrics, AML/KYC alerts, and overall risk exposure.
- Corrective measures: Based on our findings, we proposed and subsequently implemented appropriate measures to address various compliance gaps. This included revising internal controls, updating AML policies, and providing additional training.
- Sourcing: In line with the competences required for the role and the company culture, we hired a legal team responsible for ensuring compliance with relevant laws, regulations and internal policies. This team is now equipped to monitor existing controls and compliance activities, evaluating the effectiveness of current safeguards and procedures aimed at preventing violations.
Results
Next steps
After the successful implementation, the client is now able to report:
- Ongoing system optimisation: Our team continuously refines the AI models and reporting tools to ensure they remain effective amid evolving threats and regulatory changes.
- Regulatory updates: We keep the bank informed of upcoming regulatory changes and provide advice on necessary adjustments to their compliance program.
Conclusion
The collaboration between Compliance Champs and the local fintech underscores the critical importance of a modernised compliance monitoring and reporting system. By leveraging advanced technology and data-driven insights, the client has significantly improved its ability to identify and mitigate AML/KYC risks, fostered a strong culture of compliance, and strengthened its position as a trusted financial institution.
Interested in how we can help you address your compliance monitoring and reporting challenges? Get in touch with us today.
