Banesco USA taps AML RightSource for automated due diligence solution
Florida-based bank Banesco USA has tapped compliance solutions provider AML RightSource for its due diligence offering, Automated EDD.
Banesco taps AML RightSource for due diligence solution
Automated EDD (Enhance Due Diligence) will allow Banesco to conduct automated periodic risk reviews using customer and corporate registry data covering a broad array of risk-bearing characteristics including watchlists, cryptocurrencies and adverse media.
The cloud-native solution also categorises transaction data to produce a risk score, allowing it to determine a customer’s risk segmentation based on definitions established by the bank. It then presents its findings to AML/BSA investigators in an auto-generated report.
AML RightSource executive vice president of technology sales, David McLaughlin, says the Automated EDD solution enables investigators “to focus on adjudicating and evaluating a case without spending hours collecting and compiling data”.
Investigators typically spend an average of 12 to 15 hours conducting comprehensive EDD reviews, AML RightSource says, but it claims its solution cuts the time to three to four hours.
Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank with $3 billion in assets (as of 31 December 2022) and six locations between South Florida and Puerto Rico.
