Case Study

Anti-money Laundering Solution Helps FinTech Company Stay Compliant

challenge

FinTech Company at Risk of Federal Non-Compliance

At risk of being out of Financial Crimes Enforcement Network (FinCEN) compliance, our FinTech client needed to adjust how they audit and track suspicious financial activity. They were at risk for large fines and a shutdown of their market asset trading, and a serious cost to their bottom line. At the time, the company was using OneNote to monitor and track suspicious financial activities for their $300 billion+ in client assets. This resulted in multiple issues: OneNote didn’t allow them to file suspicious activity reports (SARs) within the FinCEN-required 30-day timeline, SARs needed to be tracked and stored for at least five years but OneNote had limited storage capabilities and OneNote didn’t have a dedicated tracking system to monitor ongoing cases. The company needed a partner with experience working in heavily regulated financial institutions to create a new system or risk major consequences to their bottom line.

solution

A Brand-new Cloud-based Azure Application

Our team created a fully functional, Cloud-hosted anti-money laundering case management application. We established the database schema and deployment pipelines in Azure and developed a new Angular front-end. Our team also built APIs and integrated Corticon fraud alert generating system to the application. In addition, we were SMEs to our client’s internal team and provided Azure Cloud coaching and documentation to lead them on their Azure journey.

results

Fully Compliant

After completing the engagement on-time and on-budget, our client’s application went live in 2022. As a result, the company is now in full compliance with FinCEN and FINRA regulations, meaning they’re no longer at risk of losing revenue. The modern Cloud architecture has allowed them to more easily add new anti-money laundering tracking features in order to keep up with frequent financial regulatory changes.

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