Idenfo’s team of professionals are dedicated to serving DIFC clients in the area of regulatory compliance through our wide range of services, including:
A Centre of Excellence for Compliance
- Increased regulatory scrutiny and heightened global standards requires banks and NBFIs to constantly upgrade and improve.
- As a result, there is a surge in AML operations volumes, which coupled with traditional IT systems and manual workflows, result in increasing cost of AML/KYC compliance.
- The fallout from COVID19 pandemic and the forthcoming economic downturn is progressively creating a contact free economy with social distancing at the forefront. Data sharing, de-globalisation and cost concerns will shape the evolution of fight against financial crime in the years to come.
- The regulators are becoming more receptive to onshore outsourcing of AML processes.
- A managed service is a natural solution as banks/FIs are struggling to expand their AML operations optimally.
Operational Challenges in Improving compliance processes
Benefits of Idenfo’s Managed Services Solution
Financial Institutions can derive significant benefits by transitioning to Idenfo’s Managed Services Solution. We can help in:
|Cost Reduction||Enhanced Customer Experience||Improved Risk Management and Financial Crime Compliance||Building onshore solution with skilled resources||Scalability||Improved Quality|
|“Pay as you go” cost effective operating model||Intelligent automation of repetitive tasks and Work-flow case management||Independent client outreach model eliminating chances of collusion||Professional client handing of experienced and trained resources||Economies of scale being a centralised hub for multiple players||Achieving bank’s / FI’s internal quality standards by achieving consistent pass rates at QA|
|Option to cap monthly fees based on agreed number of cases||Online channels for self service capabilities||Site visits and verifications to strengthen the control framework||Enhanced training and development capabilities||Cloud Infrastructure to manage increase in volumes||Build a culture of quality by aligning performance scorecard based on quality thresholds|
|Targeting 30% to 50% cost reduction by automating significant manual processing||Ingest available public information direct from primary sources||Regulatory assurance due to independent and credible engagement||Providing in country data security comfort to regulators due to onshore presence||Improved transparency into operational productivity, quality, capacity and forecasting||Engagement with the local regulators to seek explicit approvals of outsourcing|