Case Study: CDD Onboarding

AML Software

Customer Need: CDD Solution

Customer Profile:

Our customer is a mid-size commercial financial institution headquartered abroad with American branches, thereby subject to U.S. regulations regarding Compliance

Customer Needs:

When this customer enlisted our services, they presented us with the classic Compliance situation: row and rows and rows of file cabinets stuffed with thousands and thousands and thousands of manila file folders stuffed with piles and piles of documents. They were also facing the consequences of the dreaded examination gremlins—those mythical troublemakers that rearrange folders and misplace crucial documentary evidence right before an examination.  These frustrations and the scrutiny that misplaced documents inevitably draw established the following priorities regarding our services:

  • Evaluate the existing approach to the collection and storage of CDD
  • Deliver a digitized CDD/KYC solution that included digitized uploads of documentary sources
  • Transition existing customer records to the new CDD/KYC solution
  • Transition all on-boarding procedures to the new CDD/KYC solution
  • Provide an implementation plan and training to ensure a smooth transition
  • Collaborate with Compliance professionals to articulate clearly the logic and processes that underpin the new CDD/KYC solution and its role in achieving institutional Compliance

AML Partners’ Solution

This customer provided us with a classic Compliance challenge—transitioning from the old-style paper mountains that result from complex Compliance regulations requiring extensive documentary collections. The near impossibility of maintaining perfect manila folders is what our CDD/KYC solution, SURETY®-CDD, is built for. We were able to provide them with the following CDD solutions:

  • Extensive consultation about existing challenges and examiner recommendations regarding documentary evidence for customer due diligence
  • A needs-analysis and feature-matching process that demonstrated the efficacy of SURETY®-CDD to provide the KYC solution needed by this institution
  • An implementation plan that systematically prepared the institution for all aspects of the transition to our CDD solution, including a detailed implementation calendar, planning for the importation and integrating of existing data records, planning for clean integration with existing banking systems, and training of Compliance personnel and other users in the best-practices operation of our CDD solution.

Why this worked:

This analytical collaboration and CDD/KYC software solution implementation worked for this customer because they had experienced firsthand the negative implications of paper-based Compliance in a regulatory environment that had exceeded the capacity of the long-standing manila-folder KYC.  Our SURETY®-CDD software solution provided the ideal bridge to 21st century digitized Compliance and document storage. The institution benefitted further by SURETY®-CDD’s integration not only of workflow and data management but of fully integrated multi-dimensional risk modeling and fully integrated sanctions and negative-news screening. For this customer, SURETY-CDD represented the total package—it provided them with a great solution to their paper nightmares, and it also provided a fully integrated comprehensive KYC solution.

Customer Follow-up:

This customer has been using SURETY®-CDD for five years now, and they rely on our CDD/KYC solution for all aspects of their on-boarding, CDD, and risk assessments. They are one of our biggest boosters, and they tell us often how SURETY-CDD has transformed their experience with examination cycles.