Exiger > Case Studies > Revamping Transaction Monitoring for a Top 10 US Regional Bank

Revamping Transaction Monitoring for a Top 10 US Regional Bank

Applicable Industries

Finance & Insurance

Applicable Functions

Quality Assurance

Use Cases

Behavior & Emotion Tracking
Leakage & Flood Monitoring

Services

Testing & Certification

About The Customer

The customer in this case study is a top 10 regional bank in the United States. As a significant player in the banking industry, the bank handles a large volume of transactions on a daily basis. This necessitates a robust and reliable transaction monitoring system to detect and report any suspicious activities, ensuring compliance with regulatory requirements. The bank had previously engaged another consultancy firm for this task, but the results were unsatisfactory, leading to a regulatory review. This situation led the bank to seek a more reliable solution, leading to their engagement with Exiger.

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The Challenge

The client, a top 10 regional bank in the US, was facing a significant challenge with their transaction monitoring system. They had previously engaged another consultancy firm to review their transaction alerts, but the results were unsatisfactory. The review resulted in zero Suspicious Activity Reports (SARs) being filed, which led to a regulatory review that forced the bank to revisit the alerts. The bank was not satisfied with the quality of work provided by the previous consultancy firm, which led to a lack of confidence in their transaction monitoring framework. The situation necessitated a thorough and reliable review of the alerts to ensure compliance and avoid potential regulatory issues.

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The Solution

Exiger, a global regulatory and financial crime, risk and compliance company, was brought in to address the bank's challenge. They were tasked with conducting a look-back of 2,200 transaction monitoring alerts. A dedicated review team consisting of five analysts and one quality control manager was assigned to supplement the bank's transaction monitoring team. The team presented escalations to the bank's senior management for consideration of SAR filing. Recognizing the quality and pace of Exiger's work, the bank requested Exiger to continue working through its Business As Usual (BAU) population as an extension of the team for an additional five months. This solution provided the bank with a more robust and reliable transaction monitoring framework.

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Operational Impact

The engagement with Exiger resulted in significant operational improvements for the bank. The review of the transaction monitoring alerts led to a substantial increase in the SAR filing rate, indicating a more effective detection of suspicious activities. The subsequent regulatory review resulted in no adverse filings, demonstrating the effectiveness and compliance of the new transaction monitoring framework. Moreover, the bank was able to avoid the time and resources that would have been required to repeat the review process. The bank's confidence in their transaction monitoring system was restored, and they were able to continue their operations with the assurance of a robust and compliant framework in place.

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Quantitative Benefit

Exiger's review resulted in a 5.5% SAR filing rate.
The subsequent regulatory review of this population resulted in no adverse filings.
The bank was able to save time by not having to repeat the review process.

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