The financial sector's growing complexity is driven mainly by evolving compliance and trade regulations and trade-based money laundering (TBML) risks, highlighting the critical importance of first-line screening. A leading global bank came to us as they had significant challenges with its first-line screening processes, finding inefficiencies in its workflow and handling of large transaction volumes and high rates of false positives.
The bank successfully overcame these challenges by teaming up with Lloyd's List Intelligence, which revolutionised how it tackled trade compliance and TBML screening. This case study outlines how the bank was able to utilise our advanced screening tools to enhance their workflow efficiency, reduce the instances of false positives, and complied with international regulations.
When the bank first came to us, it was struggling with several critical challenges in its trade compliance and TBML screening processes, including:
These challenges made it difficult for the bank to maintain efficiency while ensuring strict compliance.
Lloyd’s List Intelligence provided a comprehensive, fully tailored solution to meet the bank’s specific needs. The introduction of our advanced screening tools allowed the bank to overhaul its compliance processes and improve the accuracy of its TBML screening.
Key improvements included:
By implementing these tools, the bank transformed its trade compliance framework, making it faster, more accurate, and more efficient.
Lloyd's List Intelligence ensured that its screening solution's integration ran smoothly and aligned with the bank's existing systems. The implementation process involved:
The result was a comprehensive system that worked seamlessly within the bank's existing technology stack while delivering immediate improvements in performance and compliance.
After implementing Lloyd's List Intelligence's Seasearcher Risk Suite, the bank saw significant improvements in trade compliance and TBML screening operations. These included:
Key features include:
Seasearcher gives an aggregated view, saving us time and helping us expedite decisions.
Compliance Manager / Top 20 Global Bank
This case study highlights how Lloyd's List Intelligence helped a global bank transform its trade compliance and TBML screening processes. By leveraging our unique, advanced technology and real-time data, the bank streamlined its operations, improved accuracy, and ensured total compliance with international regulations.
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