Beyond: Putting Data to Work (previously Beyond Analysis) Agency Logo

Boosting AML Efficiency with AI

By Beyond: Putting Data to Work (previously Beyond Analysis)

Client

Project Description

LGT, a globally renowned private banking and asset management group, experienced efficiency issues within their customer screening systems due to architectural challenges and partial outsourcing of scoring to World Check. A need arose for a refined solution to optimize and benchmark their screening system, where Beyond played a pivotal role.We began our collaborative endeavor with an initial capability assessment to identify and rectify weaknesses in LGT’s customer screening system, providing tailored recommendations to augment its overall efficiency and effectiveness. We revamped LGT’s institution risk profile to accurately mirror their exposure, thereby mitigating potential risks more effectively. With our tuning support, we successfully decreased the false positive rate for sanctions from 28.5% to 22.1%, sharpening the system’s accuracy. Precise threshold adjustments led to a 50% reduction in system hits, ensuring an efficient use of resources without compromising on identifying true matches, subsequently diminishing overall screening costs.Beyond also implemented a machine learning-based post-processor solution, further reducing the false positive rate for sanctions by an additional 11 percentage points. This intervention led to optimal system performance, lower false positive rates, and substantial cost savings. It enabled LGT to surmount their screening challenges, ensuring a meticulous and efficient screening process, optimized resource allocation, and heightened risk management.In this endeavor, Beyond has demonstrated its commitment to transforming data into powerful, actionable insights that can elevate business operations and outcomes. We affirm that data, with its profound capabilities, can significantly drive business growth and pave the way for innovative, tangible solutions, as evidenced by our fruitful partnership with LGT.

LGT, a globally renowned private banking and asset management group, experienced efficiency issues within their customer screening systems due to architectural challenges and partial outsourcing of scoring to World Check. A need arose for a refined solution to optimize and benchmark their screening system, where Beyond played a pivotal role.We began our collaborative endeavor with an initial capability assessment to identify and rectify weaknesses in LGT’s customer screening system, providing tailored recommendations to augment its overall efficiency and effectiveness. We revamped LGT’s institution risk profile to accurately mirror their exposure, thereby mitigating potential risks more effectively. With our tuning support, we successfully decreased the false positive rate for sanctions from 28.5% to 22.1%, sharpening the system’s accuracy. Precise threshold adjustments led to a 50% reduction in system hits, ensuring an efficient use of resources without compromising on identifying true matches, subsequently diminishing overall screening costs.Beyond also implemented a machine learning-based post-processor solution, further reducing the false positive rate for sanctions by an additional 11 percentage points. This intervention led to optimal system performance, lower false positive rates, and substantial cost savings. It enabled LGT to surmount their screening challenges, ensuring a meticulous and efficient screening process, optimized resource allocation, and heightened risk management.In this endeavor, Beyond has demonstrated its commitment to transforming data into powerful, actionable insights that can elevate business operations and outcomes. We affirm that data, with its profound capabilities, can significantly drive business growth and pave the way for innovative, tangible solutions, as evidenced by our fruitful partnership with LGT.

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