Banesco USA Selects AML RightSource’s AI-Enhanced Tech to Improve Due Diligence Investigations

AML RightSource, the provider of Anti-Money Laundering (AML), Know Your Customer (KYC) and Bank Secrecy Act (BSA) compliance solutions, announced that Florida-based bank Banesco USA has “selected its Automated EDD (Enhanced Due Diligence) solution for efficient, compliant customer risk reviews with streamlined, AI processes that deliver detailed assessments and reporting.”

AML RightSource’s AI-powered Automated EDD solution “assists Banesco in efficiently conducting periodic risk reviews using Bank customer and corporate registry data.”

Focal entities and their counterparties are “evaluated across a broad array of risk-bearing characteristics, including adverse media, PEP/SOE, watchlists, cryptocurrencies and more.”

The solution also “characterizes related transactions using multiple criteria including transaction type, jurisdiction, and line of business to spot anomalous activity.”

The solution “uses this information to produce algorithmic risk scores and dynamically determine customer risk segmentation based on definitions established by Banesco.”

Alba Prestamo, Banesco USA Executive Vice President, Chief BSA and Compliance Officer, said:

“Our deployment of the AML RightSource Automated EDD solution is an integral part of our strategy to integrate innovative and intuitive technology into our compliance program to efficiently reduce risk and prevent financial crimes across our operations.”

The AML RightSource EDD solution “not only automates data-intensive research required to accurately assess risk, but also presents its findings to AML/BSA investigators in detailed High-Risk Entity Reports (HRERs) that provide scored risks with key details auto-generated case narratives for fast, consistent reporting and decisioning.”

Additionally, the Compliance and IT teams at Banesco “benefit from AML RightSource’s secure cloud-based environment, ensuring full implementation in less than 90 days.”

Historically, experienced AML/BSA investigators “spend an average of 12 to 15 hours conducting comprehensive EDD reviews.”

The AML RightSource Automated EDD solution “has proven to cut this time to only three to four hours, providing an efficient, time-saving solution that collects and analyzes two to five times more case-related data than manually intensive EDD processes.”

David McLaughlin, Executive Vice President of Technology Sales at AML RightSource, said:

“Financial institutions are plagued by lengthy EDD refreshes that demand significant time from even the most experienced investigators. Our Automated EDD solution offers an improved experience for a bank’s compliance team by enabling investigators to focus on adjudicating and evaluating a case without spending hours collecting and compiling data.”

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