Bank account opening & anti-money laundering compliance
The challenge
The bank confronted a complex regulatory landscape with expanding anti-money laundering and counter-terrorism financing requirements that demanded heightened scrutiny of new accounts.
Manual processes introduced inconsistencies in documentation collection and verification steps, creating bottlenecks due to manual workflows.
In addition, they faced competitive pressure to accelerate account opening for legitimate customers.
Thus, the bank needed a solution to accelerate customer account openings that could scale while ensuring rigorous compliance with AML regulations.
The Kepler Technologies team
The Kepler Technologies approach
We focused on digitizing the end-to-end customer account opening workflow—creating a structured pathway from initial customer engagement at the branch through comprehensive back-office verification to final payment instrument issuance.
This process starts from the branch at the request and required coordination with the bank’s back office and strict adherence to compliance workflows.
Our solution standardizes the mandatory documentation workflow with dynamic requirements based on customer profiles, ensuring consistent collection of verification materials.
In addition to the originally scoped requirements, we guided BFCOI in implementing operational excellence through industry best practices. The project scope was expanded to include automated tracking of response times, real-time alerts and escalations, and a visual color-coded status system to enhance day-to-day operational oversight.
The advantages
