Case Studies MONETA Money Bank Enhances Compliance with LexisNexis Bridger Insight XG

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	MONETA Money Bank Enhances Compliance with LexisNexis Bridger Insight XG

MONETA Money Bank Enhances Compliance with LexisNexis Bridger Insight XG

Technology Category	Application Infrastructure & Middleware - Data Exchange & Integration Application Infrastructure & Middleware - Database Management & Storage
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation Quality Assurance
Use Cases	Regulatory Compliance Monitoring
Services	System Integration Training
Challenge	MONETA Money Bank has been using LexisNexis Bridger Insight XG for sanctions screening since 2012. In 2016, following a separation from its previous parent company, MONETA began using the Bridger Insight Enterprise version and LexisNexis WorldCompliance Data. The main challenge was to achieve a favorable price/performance ratio while safely relocating the existing solution into local infrastructure. The initial use of WorldCompliance Data led to a significant surge in alerts (around 16K), which needed to be cleared. Additionally, there was an increase in daily portfolio screening and SWIFT screening. After clearing the alert surge and retuning the tool, there was a 10% increase in customer onboarding and SWIFT payments screening, with new matches in PEP batch screening due to the change of data source. Read More
About Customer	MONETA Money Bank is a leading Czech bank specializing in consumer finance, with over 200 branches and more than 3,100 employees. The bank has a growing presence in SME lending and also finances cars, machinery, and other equipment. MONETA is committed to providing high-quality financial services and maintaining compliance with regulatory requirements. The bank has been leveraging advanced technology solutions to enhance its operations and ensure robust compliance measures. Read More
Solution	MONETA Money Bank implemented LexisNexis Bridger Insight XG with WorldCompliance Data to enhance its compliance processes. The key value of Bridger Insight XG lies in its full integration with the bank's systems, allowing automated screening of prospective customers, related parties, and payments. The tool's automated update process for sanction and PEP lists adds significant value. Bridger Insight XG is interconnected with the local Customer Risk Rating engine, ensuring initial and ongoing customer AML/CTF risk categorization and due diligence. The tool also features a robust case management system with an audit trail, satisfying regulatory requirements and enabling efficient record-keeping of past closed alerts rationales. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration

Application Infrastructure & Middleware - Database Management & Storage

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Quality Assurance

Use Cases

Regulatory Compliance Monitoring

Services

System Integration

Training

Challenge

MONETA Money Bank has been using LexisNexis Bridger Insight XG for sanctions screening since 2012. In 2016, following a separation from its previous parent company, MONETA began using the Bridger Insight Enterprise version and LexisNexis WorldCompliance Data. The main challenge was to achieve a favorable price/performance ratio while safely relocating the existing solution into local infrastructure. The initial use of WorldCompliance Data led to a significant surge in alerts (around 16K), which needed to be cleared. Additionally, there was an increase in daily portfolio screening and SWIFT screening. After clearing the alert surge and retuning the tool, there was a 10% increase in customer onboarding and SWIFT payments screening, with new matches in PEP batch screening due to the change of data source.

About Customer

MONETA Money Bank is a leading Czech bank specializing in consumer finance, with over 200 branches and more than 3,100 employees. The bank has a growing presence in SME lending and also finances cars, machinery, and other equipment. MONETA is committed to providing high-quality financial services and maintaining compliance with regulatory requirements. The bank has been leveraging advanced technology solutions to enhance its operations and ensure robust compliance measures.

Solution

MONETA Money Bank implemented LexisNexis Bridger Insight XG with WorldCompliance Data to enhance its compliance processes. The key value of Bridger Insight XG lies in its full integration with the bank's systems, allowing automated screening of prospective customers, related parties, and payments. The tool's automated update process for sanction and PEP lists adds significant value. Bridger Insight XG is interconnected with the local Customer Risk Rating engine, ensuring initial and ongoing customer AML/CTF risk categorization and due diligence. The tool also features a robust case management system with an audit trail, satisfying regulatory requirements and enabling efficient record-keeping of past closed alerts rationales.

Impact #1	The full integration of Bridger Insight XG with MONETA's systems ensures automated screening of customers and payments.
Impact #2	The automated update process for sanction and PEP lists adds significant value to the compliance process.
Impact #3	The tool's interconnection with the local Customer Risk Rating engine ensures effective AML/CTF risk categorization and due diligence.

Impact #1

The full integration of Bridger Insight XG with MONETA's systems ensures automated screening of customers and payments.

Impact #2

The automated update process for sanction and PEP lists adds significant value to the compliance process.

Impact #3

The tool's interconnection with the local Customer Risk Rating engine ensures effective AML/CTF risk categorization and due diligence.

Benefit #1	Initial alert surge volume of around 16K was cleared.
Benefit #2	10% increase in customer onboarding and SWIFT payments screening after clearing the alert surge.

Benefit #1

Initial alert surge volume of around 16K was cleared.

Benefit #2

10% increase in customer onboarding and SWIFT payments screening after clearing the alert surge.

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Overview

MONETA Money Bank Enhances Compliance with LexisNexis Bridger Insight XG

Operational Impact

Quantitative Benefit