Case Studies

AML Case Study

Customer background

The Compliance and Risk Department from a leading international asset management company had a requirement to digitise their Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance processes. These processes are vital and ensure that staff in the company work within strict, legal parameters while conducting business with existing and potential clients.

Founded over a decade ago, and with offices in Dublin, the company employ just under 100 staff across five European countries.

Business Challenge

KYC is a regulatory process that financial institutions undertake in order to establish their clients’ identity. AML is a comprehensive set of policies which protects against money laundering and also other acts of criminality.

Digitising these processes was part of their Digital Transformation which aims to utilise some of the existing functionality within Office 365. Also, by making these processes more visible to the wider organisation, people would become more aware of the regulations and this would encourage their adoption.

Having forms, processes and articles online also meant that end users could quickly find documentation about specific items by searching for them, and therefore reducing the administrative burden on the Compliance and Risk Department.

Solution

The organisation had developed an application on Microsoft SharePoint to manage these processes in another region, and so they showed Enclave what they liked and how they would like to improve the existing App.

As they had detailed documentation of their processes, we immediately proposed using the Microsoft Dynamics platform as it was more suited to the project than SharePoint. The requirements for detailed, structured and secure information made this a more suitable and cost-effective approach than developing a SharePoint app.

The project was delivered in eight weeks with regular progress meetings and demonstrations.

Some of the key advantages of Dynamics 365 include:

  • New processes / Apps are easier to develop as users and roles are already defined.
  • Making changes to the process is easier and can be done by trained users and not developers.
  • If the business opens in a new geographical location, creating a new App is far easier as the App can be modified for the new office/team/process.
  • Security and updates are provided by Microsoft for the Dynamics platform, which is vital for data security compliance.
  • The App looks great on any PC, smartphone or device.

Once the App was rolled out, the benefits include:

  • Having all documentation and processes in one searchable place.
  • A full audit trail for AML and KYC processes.
  • Staff can interact with the Compliance team via the App.
  • Reduce administration on the Compliance team.

According to the Head of Compliance and Risk, the App has brought greater visibility to their work among the wider business, ‘It’s very important for us as a company that when our colleagues are conducting business, they are always aware of compliance and risk. We are a small, but vital part of the organisation, and the App has really helped from that point of view. Our business is very impressed with Microsoft Dynamics and what Enclave have created for us. We have achieved more than we thought possible and at a better price than any other providers we were considering.’

In the coming months, they are planning to digitise more processes with Enclave by using Dynamics, in particular, a Personal Trading Account which will set limits on what staff can do when trading. For example, a workflow will route certain trades to Compliance for approval thus speeding up the process.

Overall, the experience of working with Enclave has been very positive.

‘Enclave was a pleasure to work with, they are a very pro-active and professional organisation. Our team is very happy with the new App and look forward to the other ones in the pipeline,’ said the Head of Compliance and Risk.

According to the Head of Compliance and Risk, the App has brought greater visibility to their work among the wider business, ‘It’s very important for us as a company that when our colleagues are conducting business, they are always aware of compliance and risk. We are a small, but vital part of the organisation, and the App has really helped from that point of view. Our business is very impressed with Microsoft Dynamics and what Enclave have created for us. We have achieved more than we thought possible and at a better price than any other providers we were considering