Bangkok Bank (BBL) has deployed a solution that integrates and consolidates AML processes across its 300 branches worldwide, as part of a major advance of its anti-money laundering (AML) compliance program.
Developed together with SAS, the AML solution leverages SAS Anti-Money Laundering to establish a global standard of compliance, crossing 14 economies that include eight other Southeast Asian markets, as well as China, Hong Kong, Japan, Taiwan, the United Kingdom and the United States.
“Money-laundering is a serious and growing challenge for the world’s finance system, and financial authorities around the world have put in place stringent requirements for banks to tackle it,” said Suteera Sripaibulya, senior SVP of the IT Division at BBL.
“The various rules-based anti-money laundering systems we had in place around the world were still adequate for compliance with each local regulator’s requirements on a case-by-case basis, but we recognised the need and opportunity for transformation,” she said.
BBL and SAS collaborated in developing and deploying a single AML solution to replace the bank’s legacy systems with more advanced analytics tools.
The project involved auditing each location’s regulatory needs and banking activities and incorporating global best practices and guidelines. The audit yielded a comprehensive and relevant list of business requirements and helped define minimum AML standards for BBL in its entirety.
The initiative also demanded other bank-wide changes, including new resources and data sources, as well as new ways of working among compliance, business, and IT.
These joint efforts culminated in a “SAS AML Global Image,” which was piloted at BBL’s Hong Kong operations and later rolled out globally. The Global Image enables BBL to apply a more advanced, score-based approach to risk-rate its customers.
With the global solution implemented, AML risk management and decisioning is strengthened by a standardised AML case investigation workflow across all global operations, helping ensure fully AML-compliant client services worldwide.
Integrated AML and customer due diligence case management workflow capabilities have enabled BBL staff to improve their productivity, reducing case resolution times.
Andy Zook, SVP of Asia Pacific at SAS, said they helped simplify and consolidate the bank’s AML infrastructure and process, while delivering a complete set of technical tools spanning the full implementation lifecycle.