CUSTOMER SUCCESS

Banque de Luxembourg

A private bank in Luxembourg streamlined its most labor-intensive AML operations with measurable results, including automating more than 90% of its Adverse Media Monitoring process.

Banque-de-Luxembourg
banque de luxembourg

Automated processes:

  • Adverse Media Monitoring
  • Supervised Entities
  • Fetch Files & Archive 
  • Corporate Actions Reconciliation
  • Operations Audit Point
  • VAT Declaration

Results:

  • 94% of news search and analysis now automated
  • 10,5K hours saved annually
  • Significant reduction of manual work 
  • Faster process execution
  • Increased data accuracy
  • Higher data security
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About Banque de Luxembourg

Banque de Luxembourg is a private bank, in business since 1920, and one of Luxembourg's leading wealth managers.

The bank decided to adopt Intelligent Automation, with a goal to reduce manual work, so employees can spend more time offering customer care than performing tedious tasks.

Choosing an automation platform

The bank took a rigorous approach, including a wide vendor survey and POC project. While considering vendors, two primary criteria emerged:

  • The bank should be able to create automation in-house, without having to depend on the vendor for development
  • The vendor must have strong expertise in machine learning (ML)

Thus, they chose WorkFusion's Intelligent Automation CloudTM .

Adverse Media Monitoring automation

One of the bank's key processes is the search for and analysis of negative news, also known as Adverse Media Monitoring: a standard AML check performed when onboarding customers. It can require 30 minutes per search and is tedious work, so it was chosen for automation.

Using WorkFusion®, the bank could automate the process and deploy it into production within just four months. Now, the system automatically connects to the news source(s), finds and reads flagged news articles, assesses their content, and prioritizes each piece's relevance.

As a result, a highly manual process is now fast, streamlined, and efficient. Let's compare the analyst's role in each of them:

Original process

Analyst looks up names via Google search, retrieves news articles with mentions, and if there is negative content, copy/pastes text into a Word document, prints and scans it, then sends files to the customer database, where other people print, scan and archive the information.

Processing time: ~30 minutes

Automated process

Analyst opens WorkFusion's WorkSpace user interface and sees a list of pre-analyzed and prioritized articles with highlighted keywords. The only task required is to check the article and mark it either as suspicious, not suspicious, or requiring further investigation.

Processing time: 2 minutes

As 94% of processing is performed by the bot, it takes the analyst only a couple of minutes to make a decision, instead of 30 minutes, as previously.

The solution can process articles in different languages, with an option to add new languages as required. It automatically archives all articles and keeps a detailed audit trail.

Other processes automated by the bank so far include Supervised Entities, Fetch Files & Archive, and Corporate Actions Reconciliation.

Automation results

The bank achieved remarkable results by automating Adverse Media Monitoring and other processes:

  • Increased accuracy and completeness of processes
  • Screening time reduced from 30 to 2 minutes
  • Better transparency for regulators, with detailed audit trail
  • Increased customer data security due to process internalization
  • Paperless processes (no reprint/re-scan of documents needed)

Additionally, automation relieves the team of burdensome, tedious manual work and frees employees' capacity for more meaningful tasks.

webinar on-demand
Banque de Luxembourg — an Automation Journey

Learn more about the bank's automation journey, their approach to selecting use cases for automation, and the value the bank realized with WorkFusion from Jean-Claude Maas, Head of Robotics at Banque de Luxembourg.

Banque de Luxembourg webinar