U.S. Retail Bank Enhances AML Compliance Efficiency

This case study outlines the implementation of an entity resolution solution at a U.S.-based retail bank aimed at minimizing anti-money laundering (AML) compliance risks while improving investigator efficiency. The bank faced challenges with its screening application, which generated excessive alerts due to a lack of consolidated customer data. This resulted in unnecessary investigations and wasted resources. The entity resolution solution provided by Precisely allowed the bank to create a comprehensive view of each individual across its systems, resolving name variances and linking accounts to primary owners and beneficiaries. Following the deployment of this solution, the bank achieved a 58% reduction in false positives within two weeks, leading to significant cost savings of $10 million annually in investigative expenses. The solution enabled investigators to focus on genuine risks without compromising regulatory compliance, as they still analyzed all required alerts while eliminating redundant investigations.