Mitigating Financial Crime for one of the world's largest banking organisations
When US authorities found this organisation to be vulnerable to criminal exploitation through money laundering and breaching sanctions, they had to pay substantial fines and were at the risk of facing further penalties. As a result, the Bank committed to creating an effective Financial Crime Risk (FCR) mitigation capability which included Customer Due Diligence, Sanctions Screening, AML, Common Reporting Standards and Data Readiness. The challenge, however, was delivering this single global solution to a highly federated organisation with the burden of legacy technology.
The Bank engaged Icon Solutions to support the delivery of this capability, meet the aggressive deadlines in place and protect themselves from any future penalties.
We deployed a highly skilled Programme and Project Management leadership team, including a Lead Architect, Solution Architects and lead delivery resources, to work alongside the organisation’s core Central Architecture and Design Team.
Our team implemented best practice and lightweight agile architecture framework. This enabled the creation and governance of architectural artefacts and software components, across multiple global lines of business and functions.
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