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

Automated EDD establishes risk review standard for innovative financial institution

CLEVELAND, OH (February 22, 2023) – AML RightSource, the leading provider of Anti-Money Laundering (“AML”), Know Your Customer (“KYC”) and Bank Secrecy Act (“BSA”) compliance solutions, announced today 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.

“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,” explained Alba Prestamo, Banesco USA Executive Vice President, Chief BSA and Compliance Officer.

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.

“Financial institutions are plagued by lengthy EDD refreshes that demand significant time from even the most experienced investigators,” explained David McLaughlin, Executive Vice President of Technology Sales at AML RightSource. “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.”

About Banesco USA

Founded in 2006 and based in Miami, Banesco USA is an independent Florida state-chartered bank with $3 billion in assets as of December 31, 2022 and six locations between South Florida and Puerto Rico. Banesco USA is proud to serve the commercial real estate sector, small and middle-market businesses, as well as professionals who work in the community. The bank services both domestic and international clients as well as operating companies with a suite of products and services delivered with personalized attention to support their financial journeys. Visit BanescoUSA.com for additional information.

About AML RightSource, LLC

AML RightSource is the leading technology-enabled managed services firm focused on fighting financial crime for our clients and the world. AML RightSource provides custom solutions to financial institutions, FinTechs, money service businesses, and corporations. Using a blend of highly trained anti-financial crime professionals, cutting-edge technology tools, and industry-leading consultants, AML RightSource assists clients with their AML/BSA, transaction monitoring, client onboarding (KYC), enhanced due diligence (EDD), and risk management needs. We support clients in meeting day-to-day compliance tasks, urgent projects, and strategic changes. Our global staff of more than 4,000 highly trained analysts and subject matter experts is the industry’s largest group of full-time compliance professionals. AML RightSource is headquartered in Cleveland, Ohio. With our clients across the globe, we are Reimagining Compliance. For more information, visit www.amlrightsource.com.

Media Contact:

Mark Tordik

Broadpath for AML RightSource