Scotiabank Customer Story

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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 packaged 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