Transforming Financial Crime Risk Management for a Leading European Bank using Appian API Workflow
Overview.
The client, one of the largest European banks with over 145 million customers worldwide, offers a diverse range of products and services including retail banking, mortgages, cards, payments, commercial banking, SME support, corporate banking, wholesale banking, investment, and wealth management. Faced with increasing financial crime threats and the complexities introduced by UK regulatory changes post-Brexit, the bank embarked on a Financial Crime Transformation Program (FCTP) to ensure sustainable compliance with financial crime policies and enhance their financial crime controls, processes, and systems.
The client faced several challenges that threatened their operations and goals, particularly concerning financial crime risk management
Financial crime ranked among the top 5 risks, significantly impacting the bank’s reputation
Increasing use of financial systems by criminals for laundering profits from illegal activities such as human trafficking and terrorism
Additional complexities in Financial Crime Risk Management due to UK regulatory changes post-Brexit
Key Business Challenges
Sustainable compliance with financial crime policies.
Improvement of financial crime controls and processes.
Modernization of customer screening workflows and due diligence levels.
Overhaul of the flagging process for reporting suspicious activities.
Solution.
A Multi-Faceted Transformation
Our expert team designed and implemented a comprehensive solution encompassing:
Robust Data Ecosystem: A new data infrastructure (Hadoop, NuoDB, MongoDB, Vault) ensured data security, scalability, and accessibility for future needs.
Enhanced Payment Screening: Safewatch and custom interfaces streamlined the identification and reporting of suspicious activities.
Efficient Case Management: Appian's low-code BPM platform accelerated investigations and decision-making, with integrated analytics and machine learning tools.
Actionable Insights: MicroStrategy-powered reports and dashboards provided real-time visibility into financial crime risks and trends.
High-Performance Service Layer: API-led architecture optimized system performance and responsiveness.
Quality Assurance: Automated BDD testing ensured the solution's reliability and accuracy.
The Impact
The transformation delivered significant value to Client
