As a result of a six-year federal investigation, regulators determined that one of the largest banks in the United States with a strong presence in retail banking and asset management, and with locations in over 30 countries worldwide, had failed to implement effective AML, fraud, and compliance measures. They further determined that the bank neglected to file suspicious activity reports (SARs) after knowledge of incidents, and failed to meet other compliance guidelines outlined in the Bank Secrecy Act. As a result, the bank incurred multi-million dollar fines for inadequate compliance, AML, and anti-fraud procedures.
To avoid prosecution and additional fines, the bank was required to augment and implement technologies, systems, procedures, and personnel to remedy and improve its detection, management, and reporting of suspicious financial activities. The organization had to quickly be able to transparently share information between its Legal division, SAR Control Unit, and Global Compliance and Corporate Security departments. Plus, to demonstrate compliance to federal regulators, the solution had to support direct contact with law enforcement, provide transparency for auditors, and facilitate a standardization of policies for timely SAR filings.
