Deploying certified AML experts to strengthen compliance and enhance Enterprise Customer Communications

Background

Financial institutions are investing significantly in Anti-Money Laundering (AML) programs to mitigate risks and meet complex regulatory requirements, with worldwide compliance costs exceeding $200 billion in 2023.

In 2024, some financial institutions were charged with conspiracy to commit money laundering. This controversy has served as a further wake-up call to financial institutions across the country to implement better AML policies.

In this challenging environment, our client, a major financial services provider, sought to strengthen its transaction monitoring and fraud detection capabilities. They aimed to develop a Fraud Technology Team that would be responsible for updating and maintaining the Actimize platform that creates alerts for potential fraudulent transactions entering the bank. This team would support all the LOB’s (Line of Business) already working to prevent fraud.

To meet these needs, we assembled a team of highly skilled professionals, including Business Systems Analysts (BSAs) with Actimize expertise, compliance analysts, and Agile practitioners.

Challenges

• Submission Limitations: With this client, we are only allowed to submit one resume per job posting. Therefore, the priority isn’t the speed by which we submit a potential resume nor is it the volume of resumes. The focus is on whether the one candidate we put forward is the best fit, both for the role and the client’s company culture.
• Client Preference for Full-Time, Hybrid Roles: The client was specifically looking for candidates who were within driving distance of one of three hubs. Furthermore, the manager was only willing to look at candidates who were looking to convert to full-time positions and would not sponsor work visas if the decision was made to hire contingent workers. There is a trend amongst US job seekers who now prefer remote roles. This, alongside potentially limited regional talent pools, made hiring for these positions challenging.
• Common industry-wide Administrative Inefficiencies: The complexity of compliance for our client is further compounded by barriers that are common in the financial industry: outdated legacy systems, fragmented data silos, and a lack of internal collaboration. Additionally, the rapidly evolving network of regulations and sanctions created operational constraints, with compliance costs rising due to the intricacy of local mandates.

Our Approach:

• The AML controversy of 2024 has led to various changes and shifts in AML policy across the industry, leading to waves of hiring for new positions focused on preventing fraud. These weren’t necessarily positions that could be pipelined for. Our account managers and technical recruiters leveraged their extensive experience, networks and industry-specific knowledge to anticipate and cater to the hiring manager’s needs. Recruiters may also need to incentivize potential quality candidates to move from elsewhere as the role is only hiring for a hybrid working model.

Results:

• Deployed highly qualified professionals with certifications like CAMS, CFCS, and Actimize expertise to address complex AML challenges.
• Successfully deployed Business Systems Analysts (BSA) who effectively collaborated with stakeholders to gather requirements and create user stories, streamlining the Agile development and testing cycles.
• As a result of our success in addressing this specialized skill we continue to support the client’s AML requirements.

Conclusion:

Through the strategic deployment of specialized AML professionals, we enabled our client to navigate a complex regulatory environment with confidence. By integrating experts skilled in Actimize, Agile methodologies, and AML compliance, we helped fortify the client’s fraud detection and transaction monitoring systems, ensuring alignment with stringent global standards. This approach not only improved operational efficiency but also reduced compliance costs, positioning the client for sustainable growth in a challenging financial landscape. As financial crime continues to evolve, our client is now better equipped to adapt, respond, and lead in proactive compliance.