CUSTOMER SUCCESS

Scotiabank

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

Results:

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

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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

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.

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Be more compliant and efficient, with Intelligent Automation

This is how Daniel Moore, Chief Risk Officer at Scotiabank, describes the role of an AML program:

"An effective AML program will be a competitive advantage, not simply because of what it does to enhance the brand and build trust, but also because it allows you to do what you do more effectively."

You, too, can turn anti–money laundering into a competitive advantage with WorkFusion's Intelligent Automation solutions.

Learn more about our solutions for AML