Automating AML to create a competitive advantage
The third-largest bank in Canada automated its adverse media search and achieved cost savings of $4.2M within 6 months.
Key automated process:
Adverse Media Monitoring (Negative News Search) for anti–money laundering
- $15M in projected annual cost saving
- 95% reduction in false positives
- 50% increase in media search coverage
- 105 FTEs freed up
AML compliance becomes a competitive advantage
Scotiabank is one of Canada’s top banks, with 99,000 employees and more than $1 trillion in assets. As a part of enhancing its anti–money laundering program, Scotiabank deployed Intelligent Automation.
Within only six months of deploying WorkFusion’s solution for Adverse Media Monitoring, Scotiabank optimized this AML process, turning it into a real competitive advantage.
The bank freed up an amount of time and effort equivalent to more than 100 compliance analysts and achieved other impressive results, including:
- Increasing adverse media search coverage by 50% (30 articles per name vs. 20 previously)
- Enhanced accuracy of news articles analysis, reducing the risk of missing something
- Improved transparency by documenting decision-making behind each action
We’ve been working with WorkFusion to apply Intelligent Automation to Adverse Media analysis and disposition. We’re on track to achieve huge return on investment, with a more compliant and efficient process.
Andrew Szabo, VP Smart Automation, Scotiabank
Andrew Szabo shares Scotiabank's AML automation experience
Andrew Szabo, VP of Smart Automation in Scotiabank, discusses streamlining AML and the bank's automation journey with Jim Stubbs from NBP, Americas.