illion enabled the client to validate 29.5% of trusts without the need for any further customer outreach or action, thus reducing its customer outreach by 68.8%.
Background
The bank’s AML (anti-money laundering) compliance requirement to remediate trusts was heavily manual, time-consuming and costly.
It was also creating unnecessary frustration for its customers, as they needed to supply the bank with documentation to validate the trusts.
Target
To remediate trusts as efficiently as possible, with minimal customer outreach, and demonstrate compliance with AML regulations.
Approach
Using illion’s AML remediation framework and trust registry, we processed the bank’s trust portfolio against our trust bureau and completed a comparison of both the bank’s and our datasets.
We also validated and appended information for the bank to validate its records.
Benefits
Using our AML uplift methodology and process, we enabled the bank to uplift its dataset, identify and prioritise the areas of potential risk for further work, identify entity types, and achieve high match results with our reliable data.
With illion’s trust registry, the bank now has a powerful indicator to assess the accuracy of its own database, helping it to detect out-of-date information and prioritise remediation actions.
Results
29.5% of customer trusts validated without the need of any further customer outreach or action
The reduction of customer outreach by 68.6%
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