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The Impact of Sumsub's AML Transaction Monitoring on Compliance and Efficiency

In a recent report by Sumsub, a noteworthy Total Economic Impact™ (TEI) study highlights the promising return on investment (ROI) enterprises can achieve from implementing their Anti-Money Laundering (AML) Transaction Monitoring system. Commissioned to Forrester Consulting, this study unveils compelling data derived from real-world applications within client organizations.

Overview of Findings

According to the research, organizations employing Sumsub's AML solutions saw a remarkable ROI of 272% across three years, with the initial investment breakeven occurring in under six months. These numbers are not only impressive; they underscore the effectiveness of automating compliance procedures to streamline operations and mitigate risks.

Initial Challenges Faced

Prior to utilizing Sumsub's solutions, many organizations grappled with significant pain points in their AML strategies. These included:

• - Fragmented Systems: A lack of centralized visibility made it difficult for teams to have a holistic view of operations, resulting in inefficient navigation across multiple, disconnected systems.
• - Manual Processes: Critical tasks such as rule creation, alert configuration, and operational reporting took up excessive man-hours, increasing the likelihood of mistakes and operational stress.
• - Collaboration Hurdles: Instability in shared systems and reliance on error-prone spreadsheets hindered effective collaboration, leading to potential risks in compliance and operational inefficiencies.
• - Overwhelming Alert Volumes: A flood of alerts created operational strains, often causing delays that threatened to breach Service Level Agreements (SLAs).

Solutions Offered by Sumsub

Sumsub's AML Transaction Monitoring effectively tackles these challenges by centralizing monitoring processes and automating crucial workflows. Notable benefits include:

• - Enhanced Detection: By improving money laundering detection, Sumsub eliminates the burden of manual work, saving approximately 100% of time that was previously spent generating alerts and leading to 90% savings in weekly operational reporting.
• - Efficiency in Investigations: The system reduces alert volumes and refines investigation workflows, allowing analysts to dedicate one-third less time on AML cases, thus enhancing overall productivity.
• - Streamlined Rule Management: Financial crime managers are empowered to independently update rules, fostering agility in responding to evolving threats while lessening reliance on technical teams.
• - Simplified Regulatory Compliance: Audit reports can now be generated with ease, resulting in significant time savings and quick access to necessary documentation for regulatory reviews.

Real-World Testimonials

Andrew Sever, co-founder and CEO of Sumsub, emphasizes the importance of these findings.
"In my decade-long experience working alongside compliance teams, I’ve observed firsthand the complexities they face daily. Our data indicates that 76% of fraudulent activities transpire post-onboarding, which amplifies the necessity for ongoing monitoring. Our AML Transaction Monitoring system equips compliance officers and analysts with a comprehensive view of their operations, accelerating decision-making processes and enhancing overall security of financial transactions."

Conclusion

Sumsub has positioned itself as a pivotal player in the market by providing indispensable solutions to over 4,000 clients across various industries, including fintech and e-commerce. The firm not only enhances compliance capabilities but significantly alleviates the operational strain faced by organizations globally. As new threats in the financial landscape emerge, Sumsub's commitment to empowering businesses in navigating these challenges remains steadfast. By offering tools that deliver rapid ROI and efficient compliance, Sumsub is paving the way for safer and more secure financial transactions.

For detailed insights and metrics, interested parties can access the full TEI report here.