Case study

Mitigating Financial Crime for one of the world's largest banking organisations

The challenge

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.

Icon's solution 

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.

Our results:

  • Documented thorough and effective FCR mitigation to regulators
  • Improved programmes and architecture governance processes for large programmes with multiple federated work-streams
  • Created robust compliance processes enabling the organisation to rapidly react to future regulatory requirements
  • Provided support for Digital Onboarding initiatives with real-time KYC, AML and Screening, creating a better Customer experience
  • Seamlessly integrated KYC, AML and Screening capabilities into onboarding and product provisioning processes
  • Delivered an FCR capability that provided foundations for Intelligence Lead Financial Crime Risk management.

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