Enhancing Compliance and Efficiency in Financial Institutions

This case study outlines the collaboration between Charter Global and a prominent financial institution based in the southeastern United States, which has $150 billion in assets and operates 1,400 branches across 11 states. The institution aimed to enhance its compliance with Financial Crimes Enforcement Network (FinCEN) regulations and address various challenges, including delayed Suspicious Activity Reporting (SAR), manual Anti Money Laundering (AML) processing, and fragmented workflows. Charter Global implemented a Pega-based application that facilitated proactive risk identification, real-time SAR reporting, and automated recovery processes. The project resulted in zero failed FinCEN audits, a 50% improvement in recovery rates, and the ability to repurpose 20% of the workforce. The application also ensured timely communication and monitoring of suspicious transactions, significantly improving the institution's compliance and operational efficiency. The case study highlights the successful transformation of the client's processes and the strategic partnership with Charter Global.