Cecabank, a prominent Spanish bank known for its expertise in securities services, treasury management, payments, and digital solutions, sought a comprehensive and customizable solution to enhance its financial crime prevention capabilities.
A primary objective was to implement effective sanctions screening tailored to meet the nuanced demands of both wholesale and retail banking operations.
SymphonyAI provided Cecabank with an advanced sanctions screening solution that adeptly handles the complexities of both retail and wholesale banking. This system stands out due to its customizable watchlist management capabilities, which can be adjusted to cater to the real-time needs of retail banking while efficiently managing the higher volume of alerts typical of wholesale banking.
The sanctions screening tool allowed Cecabank’s team to investigate alerts more efficiently, thanks to its integrated interface that consolidates all necessary information into a single screen alongside other financial crime compliance software. This feature significantly enhanced operational efficiency and streamlined working processes within the bank.
“SymphonyAI has the ability to access information that is needed in a quick and efficient way, which has been very important to us over the past few years”
– Maria Jose Molina, Head of AML at Cecabank
SymphonyAI’s sanctions screening had a substantial impact on the bank’s operations. The solution notably reduced the time and cost associated with investigations without compromising the quality of coverage.
With SymphonyAI’s screening solution, Cecabank effectively navigated changing regulatory requirements, allowing them to maintain leadership in compliance and risk management. The ease of use and efficiency of SymphonyAI’s sanctions screening have been pivotal in supporting Cecabank’s ongoing efforts to manage financial crime risk effectively.
Cecabank remains committed to collaborating with SymphonyAI to ensure their sanctions screening tool continues to evolve and adapt to future challenges. The bank eagerly anticipates forthcoming innovations from SymphonyAI that promise to enhance capabilities even further.
“We are looking forward to seeing what’s in store for new versions of SymphonyAI, ensuring we at least keep up with – but hopefully remain ahead of – other banks… SymphonyAI NetReveal has also given us a platform to explore additional capabilities based on machine learning and artificial intelligence, which is a big aspiration going forward as part of our financial crime programme.”
– Maria Jose Molina, Head of AML at Cecabank
Visit SymphonyAI Financial Services | Crime Prevention to see how SymphonyAI is reimagining financial crime prevention.