Overview
Kaeppel partnered with Bank of the West to enhance their Anti-Money Laundering (AML) processes, specifically in the domains of cash flow monitoring and currency transaction reporting. Recognizing the critical importance of these areas in the banking sector, our objective was to introduce streamlined and compliant processes that would not only meet regulatory standards but also drive operational efficiency.
Areas of Enhancement
While the Bank of the West maintained a certain standard in their AML activities, there were aspects that required modernization and optimization. Specifically, there was a need to reimagine the existing cash flow monitoring systems and enhance currency transaction reporting to meet evolving regulatory requirements and industry best practices.
Challenge
Modernizing the AML processes for a bank is always challenging given the sensitivity and the stakes involved. The primary challenge was to transition from the existing “as-is” process to the envisioned “to-be” process without disrupting ongoing operations. Additionally, analyzing vast amounts of data to identify anomalies and ensuring that the new processes would be lean and free from non-value-added steps were significant tasks.
Solution
To tackle these challenges, we employed a suite of tools and methodologies. Lean principles were adopted to analyze and optimize the workflow, ensuring that only value-added steps were retained. Six Sigma methodologies further bolstered our approach, targeting process improvements and reducing variability. Statistical Process Control Charts played a pivotal role in data analysis, enabling us to pinpoint anomalies and areas requiring attention. As a result of these interventions, Bank of the West transitioned seamlessly to a more efficient “to-be” process for cash flow monitoring and currency transaction reporting. This not only made them compliant with the prevailing regulations but also introduced significant operational efficiencies. By cutting out the non-value-added steps through our leaner process, we’ve ensured that Bank of the West’s AML operations are both effective and efficient.