RPA for AML in Banking

RPA for AML in Banking

Anti-money laundering (AML) refers to the laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Learn how Scotiabank, the third-largest bank in Canada, automated its adverse media monitoring (negative news search) for anti-money laundering and achieved cost savings of $4.2M within 6 months.

Negative news can indicate a potential risk of financial crimes. As regulations become tighter and banks are under scrutiny for AML compliance, negative news search has become one of the key functions required by regulators.

Within only six months of deploying WorkFusion’s packaged solution for Adverse Media Monitoring, Scotiabank optimized this AML process, turning it into a real competitive advantage. WorkFusion Intelligent Automation streamlines the negative news search process and saves analysts’ time by:

  • analyzing risk content, sentiment, relevant keywords, and compiling a list of flagged articles that need analyst attention and judgment;
  • explaining the risks described in news articles, helping analysts to make a decision 10x faster;
  • updating the data in core applications.

This solution helps to reduce manual work by 70% and enables the team to process larger volumes with higher accuracy. Thanks to the solution, Scotiabank freed up an amount of time and effort equivalent to more than 100 compliance analysts and achieved other results, including:

  • Increasing adverse media search coverage by 50% (30 articles per name vs. 20 previously).
  • Enhanced accuracy of news article analysis, reducing the risk of missing something.
  • Improved transparency by documenting the decision-making behind each action.

Total Results:

  • $15M in projected annual cost saving
  • 95% reduction in false positives
  • 50% increase in media search coverage
  • 105 FTEs freed up