The Cost of AML Compliance
The cost of AML compliance at financial institutions is rising at an enormous rate year over year and even today little is done to alleviate the pain. With such rising AML cost, AML managers and AML investigators need to be more efficient. Designed from the ground up, Guardian Analytics AML Evidence Lake™ empowers AML investigators to improve investigation efficiencies and AML managers to save time overseeing the Smart Rules, KYC Forms, and SAR/CTR Filings.
KYC is Driving Up Customer Onboarding Costs
Industry analysts estimate an average cost of $6K per customer
A monthly run-rate of 100 new account openings will cost ~$60K monthly
It takes between 2-4 weeks to onboard a customer
Guardian Analytics Helps Decrease Onboarding Costs with KYC Automation
Create interactive & customizable KYC forms in minutes
Tune rules & simulate alerts instantly for each customer risk profile
Leverage real-time CDD for fast customer onboarding
Transactions Monitoring Have Poor Alert Quality
95% of AML alerts are false positives
98% of AML alerts are not contributing to a SAR filing
It takes over 10 hours to clear an AML alert
Increase Transaction Monitoring Alert Efficiency using Guardian Analytics Evidence Lake™
Gain highest alert quality, lowest false positives with self-service configurable rules
Enable automated case filing & SAR filing
Identify unusual connections on the alerted subject through a multi-channel link analysis
Rising Operational Costs
Mid to large size banks spend $7M-$15M in AML per year
56% is spent on HW/SW & 44% is on labor
$2.7B is wasted per year analyzing false positives
Guardian Analytics Evidence Lake™ Reduces Operational Costs
No hardware, no D/R operational costs
No software, no upgrade operational costs
No expensive consulting or IT maintenance fees