Ping An Bank is one of China’s top ten national commercial banks boasting 38,600 employees, 58 branches and 1,037 outlets, and provides a full range of banking services to retail, enterprise and investment customers throughout China. As part of the Ping An Group, it has ambitions to grow by providing an integrated range of financial services offerings to its customers and through geographical expansion, both locally and internationally.
Ping An Bank’s diverse and growing client base created challenges within its existing compliance and risk management systems. Ping An approached Accuity to build an
in-house system for batch screening of customers against third-party watch lists for both Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) purposes.
In this case study learn how Firco Compliance Link helped Ping An Bank in maintaining efficiency, mitigating risk & becoming regulator-ready through:
- A drop in false positive rates by 50% with match review efficiency.
- Implementation of ongoing monitoring to all businesses, which fully satisfies compliance requirements.
- Improvement in the risk management ability, with Ping An being able to introduce a risk based approach to watch list filtering.
- The flexibility of configuration and convenience of using this solution, resulting in lower training costs and faster rollout.