Efficient Backlog Clearance for Global Mining Firm

CLIENT CHALLENGES

The compliance function of a major global corporation was facing issues clearing the backlog of alerts generated as part of annual reviews across its clients, vendors, and partners
The target was to clear the backlog of 50,000 alerts,identified across 16,000 entities, within 4 months
The client needed a cost effective solution to manage the project, as hiring consultants and managing it inhouse was expensive

Acuity Knowledge Partners deployed a team of KYC experts with experience in KYC remediation
The team leveraged Compliance Catalyst, a risk assessment tool by BvD, to source information and clear backlogs
Alerts comprising of sanctions, PEPs, and adverse news were reviewed for
- Clients
- Shareholders and beneficial owners
- Directors and management
- Trading counterparties
The team was able to identify ~16,000 potential red flags and bring them to the client’s notice
The team ruled out ~48,000 false positives using their expertise and in-depth research skills
The team also provided Chinese language support, as a few alerts pertained to China

We were able to identify potential red flags in a timely manner, which enabled the client to take corrective action
The client was able to use the expert methodology we adopted to rule out false positives to improve their in-house compliance capabilities
The client achieved cost savings of USD100,000 and was able to complete the project without hiring consultants in-house
The Chinese language support provided further increased the client’s cost savings
The client’s existing compliance team was able to focus on core business-as-usual compliance activities

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