Goals that the bank was looking to achieve included:
- Automating initial screening and ongoing monitoring
- Strengthening compliance with international sanctions and Politically Exposed Persons (PEPs) regulations
- Keeping pace with evolving global regulatory demands and requirements
- Understanding the Beneficial Ownership details behind complex business legal structures
- Mitigating higher regional risks around money laundering
- Building more robust audit capabilities into their financial crime compliance workflow
The case study also illustrates the main drivers behind Banco Caribe selecting Bridger Insight XG with WorldCompliance Data as their solution of choice to quickly complete high-volume watchlist screening and automate ongoing monitoring:
- Unmatched financial crime compliance screening intelligence
- Industry-preferred screening technology
- Best-in-class matching algorithm to reduce false positives
- Seamless connection to LexisNexis® WorldCompliance™ Data’s extensive coverage of global sanctions, enforcement actions, PEPs, state-owned enterprises, registration lists and adverse media
- Robust reporting capabilities
Finally, the case study details the results Banco Caribe achieved with Bridger Insight XG with WorldCompliance Data supporting a more automated approach to initial screening, ongoing monitoring and critical onboarding workflows.
- Automated initial screening for consumers and businesses, and gained the ability to perform bulk screening for customers of payroll accounts and those associated with credit card sales
- Captured significant efficiency gains in both the compliance department and on the business front lines
- Reduced onboarding processing times, especially for corporate customers
- Improved remediation times by 66%
- Realized false positive reduction rate of about 92%.
- Increased credit card screening to a weekly basis from a monthly basis through automation
- Created a fully transparent audit trail for both clients and regulators
The case study illustrates how Bridger Insight XG with WorldCompliance Data accelerated key risk assessment processes for Banco Caribe which enabled the bank’s compliance experts to fully dedicate their efforts to the highest risk clients and transactional monitoring work. By improving initial screening, delivering expansive insights into regulatory risks such as sanctions and PEPs and simplifying ongoing monitoring, our solutions supported Banco Caribe’s abilities to make confident, well-informed compliance decisions that contributed to revenue generating activities.
Bridger Insight XG with WorldCompliance Data added value to the enterprise that translated into stronger support for the level of excellent customer experiences that are the cornerstone of Banco Caribe’s ongoing success. Our solutions also helped protect the bank from escalating money laundering and regulatory risks as they continued to expand market share.
What can a more automated and effective financial crime compliance strategy help your business achieve? Explore the complete Banco Caribe case study to find out.
