aml case study: gracekennedy remittance services - using technology for aml compliance
TRANSCRIPT
GRACEKENNEDY REMITTANCE SERVICES: USING TECHNOLOGY FOR AML COMPLIANCE
AML CASE STUDY
BACKGROUND
• GraceKennedy Remittance Services (GKRS) is the leading remittance and money transfer service in the Caribbean. They are the exclusive agent for Western Union Financial Services in the region and an authorized foreign currency exchange dealer
• With operations in numerous countries, GKRS is responsible for money transfers, money disbursements and foreign currency exchange
CHALLENGES
• Previously, transaction analysis at GKRS was done manually. With hundreds of thousands of transactions, this process was time consuming, inefficient, tedious and expensive
• Manual processing of transactions also meant that reports to various regulatory bodies were late, sometimes by weeks
• With increasing compliance and regulatory demands, GKRS needed a technology solution to monitor for suspicious transactions, manage the workflow to facilitate analysis, investigations and maintain compliance
SOLUTION
• GKRS turned to CaseWare Analytics to provide a comprehensive AML compliance solution
• The solution offered the following:• Analysis for detecting suspicious transactions
• Workflows to manage the investigation of suspicious transactions
• Automated regulatory reporting for reportable transactions, which included all the proper evidence of due diligence
• Compliance staff could reduce time spent on operational analysis and instead focus on more strategic analysis and investigations
RESULTS
• GKRS was able to quickly see the benefits of taking a technology approach to AML compliance. Benefits include: • Automated detection of suspicious transactions
• Electronic workflow management to track remediation to completion and distribute compliance across the organization
• Extraction of data is easier, facilitating analysis and reporting
• Significantly reduce time in preparing reports (days to hours)
• Automated reporting to regulators - timely suspicious transaction reports (STRs) and threshold transaction reports (TTRs)
• Compliance team can focus on key strategies to mitigate risk
“Analysts were manually tracing transactions which resulted in 12-hour work days, including weekends. CaseWare Analytics made life easier by categorizing hundreds of thousands of transactions with a single click, while significantly increasing the quality of our reporting.”
Compliance and Enterprise Risk Manager, GraceKennedy Remittance Services Limited
IT’S TIME TO TAKE CONTROL OF YOUR AML COMPLIANCE PROGRAM
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GRACEKENNEDY REMITTANCE SERVICES: USING TECHNOLOGY FOR AML COMPLIANCE
AML CASE STUDY