Banks, finance and leasing companies are subject to strict legal requirements in the fight against money laundering and terrorist financing. To ensure fast, secure, and efficient case processing under the applicable legislation, AL Finans has strengthened their digital workflows, risk classification and document management with a modern IT platform provided by Nobly A / S. In collaboration with the consulting house Nobly, AL Finans is now better equipped in the fight against money laundering, with i.a. automatic PEP- and sanction screening of customers and real business owners.
AL Finans operates in a high-transaction environment, where safe and efficient case processing as well as fast response times are crucial for competitiveness. In the autumn of 2020, the financing company began a collaboration with the consulting house Nobly on the establishment of a new and effective anti-money laundering system.
“Our approach from the start was a desire to establish a modern AML system, i.e. an anti-money laundering system. We needed a fine-grained and consistent screening in our onboarding process of new customers and our ongoing due diligence, ranging from PEP and sanction screening of customers and real owners of companies, to screening of terrorist lists etc. All to be able to automatically identify risk classifications and comply with current legislation, which is constantly updated”, says Johan Ploug Aagaard, Director of Strategy and Business Development at AL Finans.
AL Finans chose the IT platform OnBase, which is a strong integration platform and an efficient engine for handling AML, and which is fully integrated with AL Finans’ customer facing systems. The flexibility of the system was put to the test shortly after the first part of the implementation, when new stricter legal requirements were introduced in connection with reporting of citizenship. A condition that everyone in the industry constantly acts in accordance with. The addition to the existing risk classification was easy and smooth, as were the other layers of new functionality, which were subsequently added to the system at AL Finans.
The standard solution adapted to AL Finans performs lookups and cross-checks in relevant databases, after which a risk classification is produced automatically. This has resulted in considerable time savings when staff do not have to manually type/perform lookkups, but most importantly, the solution has made it extremely difficult for criminals to launder money. The large time savings nourish the company’s growth plans, as explained by Johan Ploug Aagaard:
“If we take our starting point in the number of loan applications that came through in 2020, then we can look forward to a saving of at least 2,300 man-hours per year, alone in this first phase of our digitalisation journey with Nobly and OnBase. But one thing is to have saved hours, another thing is that we have achieved uniformity and a higher quality in this work, precisely because it has been digitized.
We have become more efficient and can simply run more cases through each employee, and can therefore grow the business further with the same number of employees that we have today ” .
“Protection against money laundering and terrorist financing typically draws a great deal of resources from our customers, and especially in the financing industry where requirements and legislation are constantly evolving. Our customers are constantly challenged to execute quickly on new legislation. OnBase has for many years been used in the banking- and insurance world, designed to manage large amounts of information, optimize processes, and manage cases under very strict data security requirements. Precisely for this reason, OnBase is one of the strongest ECM-systems on the market for e.g. handling money laundering problems ”, explains Business Development Director & Partner at Nobly, Morten Have.
Nobly is Europe’s leading OnBase consulting house, and specializes in business-critical digitization solutions for e.g. banking-, finance-, and insurance industry.
For further information, contact:
AL Finans: Johan Ploug Aagaard, Director of Strategy and Business Development,
T. 43 24 49 09
Nobly: Morten Have, Business Development Director & Partner, T. 27 51 30 00