Case Study

AML & KYC Process Compliance for a Bank

Business Challenge

The chief compliance officer of a large EU bank needs to make sure their KYC and AML processes are traceable and auditable and to ensure there are no deviations from the defined processes. 

The KYC and AML processes include extracting data from government registers and online sources, obtaining and inspecting documents relevant to certain large transactions, researching sources and targets of those transactions and more.

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Solution​

SentinelTrails is integrated with the systems used to execute the required steps for KYC & AML. The audit trail is used to confirm that the needed steps have been taken.

The visibility and immutability provided by the blockchain-protected audit trail allow the bank to prove to regulators that prescribed processes were properly followed.

Key Benefits

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Auditability

Full auditability of each step employees take about KYC and AML

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Compliance

Ability to prove the consistency of internal processes to regulators and auditors

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Detection

Automatic detection of anomalous activities based on the visibility on AML and KYC processes

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