A large global bank with over 1000 internal watch lists across their different jurisdictions, was using at least three different third party providers for lists and to connect to regulatory websites.
This led to inconsistent and inefficient processes, and was costly in infrastructure, personnel and time.
With the increasing focus on Financial Crime and increasingly stringent demands around PEPs and sanctions checking, the bank needed to rationalise its approach, reduce risk and costs whilst increasing the efficiency and transparency of its processes.
ICX4 implemented our complianceDNA service which enables multiple lists to be mapped and consolidated into a single central core. ICX4’s solution created a single mapping against a wide range of external providers and regulatory websites such as OFAC, HM Treasury, EU and UN sources.
The consolidation allowed a central Financial Crime team to view a total picture, with relevant information for screening by jurisdiction now being distributed to the screening platform within each jurisdiction.
Having a consolidated list enables the bank to gain much greater control on consistency , accuracy, completeness and timeliness of data across the bank.
ICX4’s offering allows a choice of hosting the centralised list utility either internally, or hosted in a private secure cloud through complianceDNA.
ICX4’s hosted option removes the need for expensive and time consuming internal infrastructure builds and facilitates agility in the roll out cycle to multiple jurisdictions.
The flexibility to adopt both inside the firewall and in-Country processing is supported by our agile functionality and support model.