RPA for Anti-Money Laundering in a Bank

Project overview

We integrated the robotics process automation system for comprehensive anti-money laundering monitoring. The solution optimizes AML processes inside the company, identifies fraud, helps employees to spot and fight money manipulations.

Client information

Our client is a major bank under NDA from Germany.

Team composition

2 members
Client name

Bank under NDA
Expertise used

Robotics process automation (RPA)
Duration

2 months
Services provided

Software architecture, UI/UX design, System integration services
Country

Germany
Industry

Banking, Financial Services

Business challenge

Our client – a large banking institution – was spending millions of dollars on their financial crime and compliance programs. AML employees were using multiple systems and sources. In addition, the client faced new regulatory requirements that led to higher fines due to poor compliance.

Technical challenges

Before RPA implementation, the client’s bank relied on manual input, mainly. That’s why AML processes were expensive and time-consuming, full of errors. Monetary and non-monetary transactions were extremely complex, as well as all AML-related operations. We had to implement the RPA solution, integrate it with key banking systems.

Solution delivered

Our RPA solution is used to validate existing client information on transactions, pulling client data from various internal repositories. Further, info can be verified directly or transferred to an associate for review. With several internal and external sources available for client verification, RPA helps to search for information in internal data repositories, as well as in approved third-party data sources. RPA also can automatically send emails with alerts to frontline staff requesting necessary KYC documentation.