-
95%
reducation in false positives
-
20%
time savings
-
$1m
operational cost savings
-
100%
timelines achieved
CLIENT CHALLENGES
- A large global bank wanted Acuity Knowledge Partners to help reduce false positives for its AML activities, including
- Streamlining its transaction monitoring activities, validating and developing new customer segmentation logic
- Developing and validating new and existing scenarios to generate alerts and fine-tuning scenarios for efficiency and higher speed,
- Determining a methodology to set initial thresholds and tuning them to specific scenarios
OUR APPROACH
- Segmentation
- Applied data analysis techniques to determine the number and type of customer segmentations
- Analysed attributes associated with the customer to cluster them
- Validated the existing segmentation model for different portfolios
- Threshold tuning
- Derived and validated existing thresholds of tuneable parameters to reduce false positives and ensure that scenario requirements are met
- Determined the transaction population for each scenario to fine-tune thresholds
- Scenario development and validation
- Developed new scenarios and fine-tuned existing scenarios for better performance
- Validated scenarios to confirm the requirement(s) and ensure that alert specifications are met
IMPACT DELIVERED
- Met the timelines provided by regulators
- Identified redundant scenarios and reduced false positives by 95% by tuning the thresholds
- Improved customer segmentation by validating the existing model and modifying based on the requirement
- Deployed a team of statisticians, AML SMEs, and technology experts to implement a robust transaction monitoring process
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