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Global bank automates anti-money laundering capabilities

Client challenge

Headquartered in Singapore and a network of more than 500 offices worldwide, this global bank required a partner to help realize a bank-wide initiative to modernize its anti-money laundering (AML) compliance capabilities:

  • Data Management - Aggregate vast amounts of data via a central anti-money laundering data repository (CADR)
  • Automation - Leverage technology to eliminate duplication of effort across global bank sites
  • Compliance - Comply with regulatory compliance requirements and reporting
  • Agility - The strategic importance of the initiative required an aggressive solution to deployment schedule
Why Cognizant?

Cognizant is a strategic partner of choice for many of the world’s top financial institutions with a demonstrable track record in helping banking clients address compliance leveraging technology. Our industry domain expertise, previous solution experience and client-centric mindset provided an effective answer to the client challenge:

  • Extensive banking and finance industry domain specialization
  • A collaborative and consulting-led approach to solution design and implementation
  • Flexible outcome-based business model addressing banking industry requirements 
  • Industry leading deep data and automation capabilities

Our solution

To meet the bank’s requirements, the Cognizant team designed solution built on proven agile process design, data analytics and automation frameworks. The solution involved:

  • Application of Cognizant’s Intelligent Data Works—an automation framework consisting of a unique set of artificial intelligence and machine learning accelerators.
  • An open-source unified analytics engine to automate processing and manage large volumes of daily bank transactions.
  • A customizable analytics and data warehouse platform.
Project Goals
  • Deliver a highly customizable, scalable and modern centralized CADR solution supporting global branch operations
  • Automate processing of more than 10 million daily transactions
  • Apply predictive analytics and machine learning to address suspicious activity and eliminate risk of human error
  • Enhance AML monitoring procedures including customer profiling, cross border transactions, and risk parameters for review
  • Improve effectiveness of risk surveillance and reduce monitoring costs of compliance through automation.
A 2022 Gartner® Magic Quadrant™ Leader

Cognizant has been named a Leader in the Gartner Magic Quadrant for Data and Analytics Service Providers—2022. We have been recognized for our Ability to Execute and Completeness of Vision.

100% accuracy

in reporting AML cases to Regulatory ensuring no fines

50% faster

identifying AML cases through the scalable enterprise data analytics and reporting platform

30% cost savings

by automating data reporting and implementing dashboards