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EAI Case Study | Anti-Money Laundering

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Case study developed for EAI. This broker dealer was challenged with identifying and managing the countless risks associated with money laundering while relying heavily on manual checks, tedious back office work, and systems that would not scale to support business growth. See how EAI's Compliance Module helped with significant bottom-line savings.

Publicada em: Economia e finanças
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EAI Case Study | Anti-Money Laundering

  1. 1. 8700 SW Creekside Place, Suite A Beaverton, Oregon 97008 TEL (503) 644-3057 FAX (503) 646-1711 www.eaiinfosys.com Proactively Managing Anti-Money Laundering Risk To learn more about how EAI’s Compliance Module can help your business, please email Marketing@eaiinfosys.com or call (877) 537-1507 CHALLENGE Money laundering poses increasing risks for financial services companies. Regulators are holding companies increasingly responsible for oversight. Recent reports of crackdowns on broker-dealers of all sizes as regulators hold them increasingly responsible for oversight. FINRA has urged firms to review their policies and procedures and ensure proper due diligence. One broker dealer in New York was challenged with identifying and managing the countless risks associated with money laundering while relying heavily on manual checks, tedious back office work, and systems that would not scale to support business growth. SOLUTION In order to address these challenges and fill the gaps in their system, the broker dealer leveraged automation and reporting capabilities built into in EAI’s Compliance Module. This tool allowed them to: • Automate the wire review process to track all incoming and outgoing wires, including alerts for wires going to “hot zone” countries in which the majority of AML activities occurred. • Check security trades from OTCBB as well as pink sheets that were traded by multiple clients on the same day. • Monitor for possible market manipulation at the customer-level by tracking buy and sell orders for the same security. • Monitor when multiple trades by a certain representative are performed in the same security, for potential fraud and compliance risks. • Customize reports to address known fraud patterns, and validate trades in real-time. RESULT After deployment of EAI’s solution, the broker dealer recognized significant bottom-line savings, including: • Reduced labor costs, with increased automation and less manual requirements. • Reduced expenses associated with losses from money laundering. • Reduced management time spent on potential money laundering issues. • Reduced time spent on audits, with more accurate information and reports available in a fraction of the time required previously. Once the EAI Compliance Module enabled a proactive approach to managing risk, the broker dealer was able to address auditor requests with confidence. The firms’ Chief Compliance Officer noted: “Through our reviews and independent regulatory reviews of the EAI data, we’ve been able to demonstrate zero exceptions.”

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