Seargin IT teams delivered the Anti-money Laundering (AML) solution for a multinational bank. The client continues working with Seargin for over 3 years now.
The project is labelled as a “Priority 0” by the client themselves. That is because there is no other project of that importance and one that could impact the institution’s bottom line in a no-turning-back way.
Strict and non-negotiable deadlines were imposed by multiple legal authorities, which were overseeing the deliverables of this project.
The bank has over 4 million clients and even more transactions to oversee. Combatting money laundering by implementing manual fraud-detection procedures is not an option in such a case, as it would require hiring thousands of employees. Plus, the manual method is not scalable and is highly prone to human error.
As a multinational bank that is vital to citizens of quite a few countries, the client could not rely on the AML transaction monitoring software that were available on the market. As security and control over the solution were other uncompromisable aspects of this project.
Let’s get to it: Building a secure custom-made solution from scratch
“Where do we find a team of experienced IT experts to build a custom-made solution?” is a pressing question for many businesses. Partnering with Seargin was a solution. What’s better, it turned out to be a long-term solution: as the client has been working with the Seargin teams on other projects for more than 3 years now.
Seargin delivered a team, that perfectly blended into the institution’s organisational structure. The team included a Scrum Master, a Technical Lead, and Senior-level IT experts proficient in C#, (.NET), .NET Core, Agile (Scrum), and microservices.
Members of the team had various IT Projects under their belt, and even for them building an AML solution represented an interesting and valuable experience. Back in 2018, they could join twenty-six (26) international IT Teams, which work like a well-oiled machine using Agile methodology and working remotely.
The custom-made solution reduces the possibility of fraud or money laundering transactions to go through to the minimum. On top of that, the solution simplified the processing and monitoring of suspicious activities.
The Product Owner on the client’s side summarised the project in the following way:
“The AML team has played an integral part in our bank being able to fulfil the obligations to the legal authorities related to AML.
With their [Seargin’s] constant focus on efficiency and automation, they have significantly reduced the time it takes our users to process supervisory cases. Their work ethic and professionalism have been very admirable throughout.”
Indeed, our teams focus on delivering the best-in-class solutions, going beyond ticking the box next to the project name.
As a result, the delivered solution exceeds the client’s expectations, and with every step, the client gets closer to Finance 2.0.
And for our teams, suggesting improvements is a way to unravel their full potential and truly make a difference.
New regulations alert: something to laugh about
As you can imagine, building a custom anti-money laundering solution is a quite complex project. There are plenty of external factors as well that can stir the project’s course. And when changes arise, one needs to react and do so quickly — especially when one has a non-negotiable deadline hanging over them.
As new legislation regulations emerged, the project’s scope of work was influenced. In fact, the client estimated they would need to extend a team by ten developers proficient in C# on .Net. Seargin team, in turn, was ready to deliver the needed talent to keep the timeline on track. But something went wrong along the way… Listen to the story as told by Seargin CEO, Jakub Wojewski, by watching the video below.
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