Customer industry: Mortgages
Challenge: The customer's existing AML software could not keep up with growing data volumes, and too much time and money was spent on manual AML assessments.
Solution: Trapets Transaction Monitoring
Key results:
A leading Nordic mortgage provider approached Trapets. As a financial institution, the company was subject to strict regulations governing anti-money laundering (AML) compliance.
As the company grew rapidly, so did the volume of data to process. The company's previous AML solution fell short of keeping up with the increasing volumes of data that it was processing, making it challenging to meet its compliance needs.
As a result, the client had to rely on manual reviews to detect and respond to potential AML risks, which was time-consuming and less effective than the company needed it to be.
Manual reviews were prone to human errors and required significant resources, which added to the cost of maintaining AML compliance.
The client needed a new partner who could more effectively manage large volumes of data, offer world-class transaction monitoring to identify suspicious activities and generate comprehensive reports to meet regulatory requirements.
Furthermore, flexibility and user execution were necessary to keep up with regulatory changes and adapt quickly to new compliance requirements.
Trapets' partnership enabled the mortgage provider to meet its AML technology needs, as well as enhance its capabilities for preventive action.
The mortgage provider integrated Trapets' Transaction Monitoring solution for ongoing transaction monitoring and behaviour analysis, which improved their detection of suspicious activity and ability to identify high-risk customers.
It also enabled them to conduct real-time risk assessments on their customers during onboarding via API integration.
Trapets' monitoring solution could manage - and work best with - large amounts of data, integrating additional data sources to refine its risk detection mechanisms and better identify suspicious activity.
Its simple and comprehensive platform allowed the customer to scale its needs as the business grew.
More importantly, Trapets' platform's flexibility allowed the client to exert high control levels over its AML processes.
The client could own, configure, refine, and improve almost all the system settings, including risk models and alerts.
This allowed the client to adapt quickly to regulatory changes and promptly detect and respond to potential AML risks.
They could also maintain a satisfactory, up-to-date standard without relying on external consultants or developers.
Because Trapets' solutions learn and adapt to new patterns of behaviour, the client was able to stay ahead of the curve in identifying potential money laundering activities and remain compliant long term.
Through Trapets, the mortgage provider has streamlined its AML processes and increased the quality of its compliance work. This has allowed its team to free up time to focus on more strategic initiatives.
Trapets' solution also helps the client's AML processes meet the ethical standards of its institution.
By enhancing its AML practices, the client has strengthened its relationships with regulators, customers, and stakeholders.
This has helped the company build a strong reputation as a responsible and trustworthy financial institution, essential for long-term success in the highly competitive mortgage industry.
The mortgage provider has leveraged Trapets to stay ahead of the regulatory curve and be as clean a bank as possible, offering their customers a better service.
AML solutions
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Safello has chosen Trapets Transaction Monitoring to support their anti-money laundering processes.