US credit union Golden 1 taps AML RightSource to strengthen transaction monitoring
US credit union Golden 1 has tapped compliance solutions provider AML RightSource to boost its due diligence and transaction monitoring efforts.
Golden 1 selects AML RightSource
Following a period of growth, the credit union has been on the lookout for artificial intelligence-enabled technology solutions to “augment” its anti-money laundering (AML) compliance.
AML RightSource’s solutions will automate Golden 1’s enhanced due diligence processes, screen transactions, and automate transaction monitoring investigations and reporting.
With the addition of AML RightSource’s technology, Golden 1 is anticipating a 50% efficiency increase for customer risk reviews and transaction monitoring systems (TMS) alert investigations.
Golden 1 senior vice president and chief compliance officer Joseph Harrison says AML RightSource’s solutions will bring “accuracy, efficiency, and consistency” to the credit union’s compliance programme “and help our existing team keep pace as we continue to grow and mature, and compliance demands escalate”.
AML RightSource executive vice president of technology sales David McLaughlin adds: “Our AI-powered solutions will reduce Golden 1 investigators’ need to manually sift through multiple databases and websites to determine customer risk and to clear false positives.”
With more than $18 billion in assets and 2,200 employees, Golden 1 is one of the largest credit unions in the US, serving more than one million members.
