The third-largest bank in Canada automated its adverse media search and achieved cost savings of $4.2M within 6 months.
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:
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, VP of Smart Automation in Scotiabank, discusses streamlining AML and the bank’s automation journey with Jim Stubbs from NBP, Americas.