Financial institutions devote thousands of employees and billions of dollars to AML and KYC compliance. In fact, it is not uncommon that alert review teams (sanctions and AML combined) make up more than 50% of a bank’s compliance staff.
Using time and money to review thousands of false positives is an efficiency problem that can lead to missing the bad actor “needle in the haystack,” that rare true positive, due to resource strain from reviewing thousands of false positives.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published “Sanctions Compliance Guidance for Instant Payment Systems.” In its guidance, OFAC reaffirmed that financial institutions should take a risk-based approach to manage sanctions risks and encouraged the development and deployment of innovative sanctions compliance approaches and technologies to address risks.OFAC specifically calls out the availability and use of emerging sanctions compliance technologies and solutions in its guidance document. It states, “Technology solutions for sanctions compliance, which have advanced significantly in recent years and become more scalable and accessible, can be leveraged to help mitigate a financial institution’s sanctions risk, including with respect to instant payment systems.”
Watch this 2-minute video to appreciate the positive impact AI Digital Workers can have on any compliance analyst team.
This is where AI Digital Workers come into play. They represent exactly the type of technological solutions to which OFAC referred for sanctions compliance. Digital Workers quickly resolve the open headcount challenge faced by every FI today, and at the same time, optimize the quality of alert reviews by resolving more than 70% of alerts before they ever make it to an analyst team. As a result, Digital Workers allow L1 sanctions alert review analysts to focus their attention on the most complex alerts, the ones that pose the greatest risk.
Two of WorkFusion’s AI Digital Workers that focus on sanctions screening, Tara and Evelyn, enable FIs to immediately improve capacity, future-proof their sanctions alert review operations, reduce risk liability, and streamline alert escalations and hand-offs.
FIs that focused on FinCrime compliance innovation prior to 2022 already had in place an AI digital workforce. This set them apart from FIs that struggled with legacy compliance operations in the following ways:
Sanctions alerts were largely adjudicated by the Digital Workers, and the existing team of people were able to do more while operating in a business-as-usual environment.
Compliance Ops managers avoided overburdening their team as the Digital Workers cleared false positives and allowed the existing team to focus on the rare risk investigations.
Service to customers remained high, even as external turmoil grew exponentially.
Both EX and CSAT improved, and managers no longer had to sacrifice one for the other.
Compliance teams became prepared to handle any ‘black swan’ event and the anticipated growth in RTP.
Delivered to FIs as either SaaS or software, the digital workforce keeps compliance operations flowing in a manner that is location-agnostic, volume-agnostic, and easily scalable across the enterprise.
Watch how fast and easy it is for FIs to adopt and integrate two WorkFusion Digital Workers that are pre-trained to relieve the burden placed on your compliance teams.
We’re excited that you now see how WorkFusion’s AI Digital Workers stand ready to transform your compliance operations, readying your organization to take on the ever-expanding FinCrime compliance landscape.
Meet Evelyn, the Digital embodiment of a Sanctions and Adverse Media Screening Analyst
Meet Tara, the Digital embodiment of a Transaction Screening Analyst
