Improved efficiency thanks to comparison of processes

More and more often in recent years, financial service providers have had to adjust their IT systems and processes as a result of stricter regulations. For example, in the anti-financial crime area, the Money Laundering Act has been extensively amended three times by EU legislation since 2012. The challenge for banks is that the transformation of EU requirements into national law by the Federal Financial Supervisory Authority (BaFin) in Germany and the associated renewals of the application and interpretation instructions by the German Banking Industry Committee are usually only finalised shortly before the regulations come into force.

Trivadis performed an analysis for Deutsche Bank (Private and Business Clients division) to establish where and what gaps existed in the implementation of the money laundering regulations with regard to the processes for new customers and the verification of existing customers. As part of the GAP analysis, the regulator’s consultation papers, the resulting global policies at Deutsche Bank and the existing KYC processes were compared. Together with the relevant departments and client project teams, implementation variants were successfully developed and agreed upon for the necessary process and system changes discovered in the account opening process and KYC review. In doing so, emphasis was placed on efficiency both internally and externally towards the customer (video identification, data purchasing). Specifications for IT adjustments were created from the big picture obtained in this way and their implementation was monitored. Process adjustments were also implemented in the front, middle and back office, work instructions and manuals were adapted and training sessions were carried out as part of the roll-out.