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Case study

Delivering a comprehensive Screening ecosystem in a Nordic Bank

Alistair Catto
Lead partnerAlistair Catto
Lead partnerAlistair Catto

Our client, a leading Nordic bank with over 3 million customers globally, faced
a critical need to modernise its aging screening systems. These were part of an outdated financial crime infrastructure that, along with inadequate processes, had led to a substantial regulatory fine for deficiencies in risk management, client onboarding, and transaction monitoring.

The bank needed to replace its entire Screening ecosystem to cover PEPs, Sanctions, and Adverse Media Screening (AMS), including the List Manager (determining which lists to screen against) and Case Manager (determining how to deal with different types of client).

The complexity of the bank’s requirements meant that they needed a highly customised system, with on-premises deployment, and specific screening requirements, involving over 160 specialist end-users across multiple countries

  • Industry segment

    European Bank

  • Function

    Transaction Monitoring & Screening

  • Core capabilities

    Transaction Monitoring & Screening

Key outcomes delivered

  • 50% faster implementation: reduced the anticipated 18-month project timeline to just 9 months

  • 80% reduction in false positives: substantially decreasing operational disruptions and resource wastage.

  • 1 comprehensive screening ecosystem delivered

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Results

Months

0

50% faster implementation: reduced the anticipated 18-month project timeline to just 9 months

Percentage

0 %

Reduction of false positives: substantially decreasing operational disruptions and resource wastage. Regulatory items analysed

Ecosystems delivered

0

comprehensive screening ecosystem delivered

Challenge

The bank required a complete overhaul of its Screening ecosystem, including PEPs, Sanctions, and Adverse Media Screening, as well as List and Case Management, to meet complex, custom requirements. This involved creating a highly customised, on-premises system for over 160 specialist end-users across multiple countries, addressing the critical challenge of enhancing compliance while managing operational efficiency.

Approach

Recognising the complexity of their requirements, the bank partnered with BeyondFS, who brought in a seasoned screening team with specialist experience in tackling sanctions and terrorist financing issues at top-tier banks. This expert perspective proved invaluable, allowing us to anticipate potential pitfalls and accelerate the project.

The BeyondFS team identified weaknesses in the bank’s draft requirements document and proposed a revised, detailed plan based on previous experience.

Our hands-on approach in overseeing the system build allowed us to fine-tune algorithms, reducing false positives by up to 80%. We also remedied internal data inconsistencies, and developed bespoke testing methodologies and clearer, more effective test packs that accurately reflected real-life scenarios. Our specialist expertise enabled us to replace the vendor’s recommended models where necessary.

In addition to the system implementation we redesigned the business processes that sat on top of the IT structure, working collaboratively with internal stakeholders throughout the project. We helped the client’s teams build a strong understanding of their new toolset, setting them up for success and leaving them with the ability to develop further improvements in future.

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Outcome

Through our expertise and efficient programme management, we slashed the project timeline by 50%, completing what was anticipated as an 18-month project in just 9 months.

We achieved an 80% reduction in false positives by fine-tuning the AI algorithms, minimising operational burdens and resource allocation.

By actively training the bank’s analytical teams and establishing a robust governance framework for the screening ecosystem, we laid the foundation for sustained high performance and continuous improvement.