A Bank in one of the Latin American Countries aimed to enhance the efficiency of its compliance department and improve its Know Your Customer (KYC) processes. The project involved integrating a new Anti-Money Laundering (AML) system, enhancing pre-screening against OFAC sanctions lists, and ensuring comprehensive reporting on collected data. The bank sought to establish new data governance and management processes per the latest regulations and technological trends. This required accurate data identification, aggregation from various sources, application of transformation rules to align with AML standards, and regular updates of full and incremental data loads into a cloud-based DWH.
The bank operated with an outdated Windows system and obsolete software. Sprinterra had to navigate through diverse data sources with disparate structures and formats while addressing the lack of documentation and dealing with the complexities of an obsolete banking core system. To automate data management—the extraction, transformation, and loading (ETL)—Sprinterra had to start with a thorough analysis of existing workflows, practices, and tools to identify gaps and opportunities for improvement. This led to the creation of a cloud data warehouse for data storage, a business intelligence (BI) tool for custom reports, and an integration with a third-party AML system to improve compliance and fraud prevention.
Utilizing Azure Cloud and OpenAI tools, Sprinterra developed an elegant, innovative solution that includes:
ETL System: This system processes data from various sources, stores it in a data warehouse, and exports it to a third-party AML system.
Cloud-based Data Warehouse: To store and organize data for insightful reporting.
Business Intelligence Tool: To provide customizable reporting options.
OFAC Online Validation Tool: To speed up sanctions screening with advanced AI and machine learning techniques, which include:
Sprinterra’s tech solution automates data extraction from the bank’s core legacy system and an external payment platform, processing it in a denormalized format. Utilizing Azure Data Factory, Azure Functions, and Azure SQL, the data undergoes a comprehensive transformation process, including cleaning, normalization, and specialized logic application to meet AML requirements, before being mapped to necessary fields. Then, the data is stored in Azure Synapse Analytics cloud DWH with a connected Power BI reporting tool. Sprinterra’s approach was crucial for successfully implementing the ETL process compliant with AML requirements. This implementation significantly enhanced data verification, screening, and reporting capabilities.
The bank’s integration with the third-party AML system marked a significant advancement in fraud prevention and compliance enhancement. Sprinterra’s expert handling of diverse data sources facilitated continuous, up-to-date monitoring, analysis, reporting, and notification capabilities. Sprinterra’s AI-powered sanctions screening tool modernized and streamlined the compliance process, reducing manual errors and keeping the bank up-to-date with frequently updated sanction lists.
Operational Efficiency: Automation reduced manual data handling by up to 40%, significantly lowering errors and freeing staff to focus on strategic tasks.
Compliance Accuracy: Real-time data aggregation and analysis improved suspicious activity detection by up to 30%.
Cost Reduction: Automated processes and improved compliance accuracy reduced operational costs by up to 20%, minimizing manual labor needs and reducing the risk of fines.
Scalability and Flexibility: The solution supports up to 15% savings on future technology expenditures by accommodating growth and regulatory changes without significant additional investment.
Customer Trust and Satisfaction: Enhanced security and compliance frameworks have potentially increased customer retention rates by up to 25%, as customers value secure and monitored financial transactions.
Cloud: Azure Cloud
Cloud Services: Azure Functions, BE .Net Core
ETL: Azure Data Factory
Database: Azure SQL
Data Warehouse: Azure Synapse Analytics
Business Intelligence: Power BI
AI: OpenAI GPT-4, OpenAI Codex
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