Grace Kennedy Remittance Services

Challenge

The leading remittance and money transfer service in the Caribbean, GraceKennedy Remittance Services (GKRS) is the exclusive agent for Western Union Financial Services in the region. With operations in many countries, the company focuses on money transfers, money disbursements and foreign currency exchange.

The company’s processes for analyzing transactions were all manual, time-consuming and tedious. Given that GKRS conducts hundreds of thousands of transactions each year, these processes were also proving to be highly inefficient and expensive.

With financial institutions having to meet increasingly strict antimoney laundering (AML) compliance and regulatory requirements, GKRS has to submit thousands of transaction threshold and suspicious activity reports (SARs) to regulators. Reports were being completed manually, causing them to be submitted late to regulators—sometimes up to weeks overdue.

“Analysts were working manually to trace transactions resulting in 12-hour work days, including weekends.  CaseWare™ Monitor made life a whole lot easier by categorizing hundreds of thousands of transactions with a single click, while significantly increasing the quality of our reporting.”

Compliance and Enterprise Risk Manager, GraceKennedy Remittance Services Ltd.

Solution

GKRS needed a solution that could comprehensively monitor all of their transactions while also managing their workflow to facilitate analysis, investigations and compliance evidence. Their chosen tool also needed to have the ability to examine customer data to ensure compliance, automate reporting to regulators and manage compliance across various entities.

The company selected the CaseWare AML Compliance solution to help meet their compliance requirements. The solution automates regulatory reporting, provides proper evidence of due diligence and helps GKRS avoid committing offences. By automating analysis of all transactions and the preparation of regulatory reports, the compliance department’s time was also freed to focus less on operational analyses and more on engaging in strategic analysis and investigations.

Results

After implementing the CaseWare AML Compliance solution, GKRS significantly reduced the amount of time the compliance team spent preparing reports from days to only hours each month, with the solution also automating reporting to regulators. Data extraction has been simplified, which has facilitated more accurate reporting. In addition, efficient workflow management has improved the accuracy of analysis while also helping to distribute compliance-related work through the organization, creating a culture of compliance that ensures the success of the compliance program.