Accelerating AML / CFT Compliance: Danos Consulting Case Study

Project Overview:

A leading cryptocurrency exchange firm faced mounting pressure from regulatory authorities to address a backlog in Anti-Money Laundering / Countering the Financing of Terrorism (AML / CFT) checks across its European entities. In response, Danos Consulting deployed a team of 20 highly skilled consultants for a Complex Investigations Project. The goal was to expedite the clearance of the backlog in AML checks, Transaction Monitoring Alerts, Politically Exposed Persons (PEPs), and Suspicious Activity Alerts.

Key Skills Used:

The consultants employed by Danos Consulting possessed a diverse skill set, contributing to the successful completion of the project, and delivering value beyond expectations:

• AML / CFT Expertise: The consultants demonstrated extensive knowledge of AML / CFT regulations and practices, enabling them to efficiently conduct thorough investigations and clear the backlog.
• Project Management: With effective project management skills, the team streamlined processes and allocated resources efficiently, resulting in the completion of the initial 12-month project in just 9 months.
• Analytical Abilities: Leveraging their analytical skills, the consultants identified and prioritised high-risk cases, ensuring prompt resolution of critical issues, and enhancing overall compliance efforts.
• Efficiency Enhancement: Through their expertise, the team implemented process improvements, optimising AML / CFT procedures and reducing the time required to clear the backlog, thereby saving costs for the client.
• Flexibility and Adaptability: Upon completion of the initial project, the consultants demonstrated flexibility by supporting the client in other areas of financial crime compliance, leveraging their all-round skills and experience to add value across the wider team.

Outcomes:

The deployment of Danos Consulting’s team of consultants returned several significant outcomes:

• Accelerated Clearance: The team successfully cleared the backlog of AML checks, Transaction Monitoring Alerts, PEPs, and Suspicious Activity Alerts within 9 months, three months ahead of schedule.
• Cost Savings: The efficient completion of the project resulted in substantial cost savings for the client, exceeding their expectations and demonstrating the value of strategic consulting.
• Enhanced Compliance: By addressing the backlog expediently, the leading cryptocurrency exchange firm achieved compliance with regulatory requirements, mitigating the risk of penalties and reputational damage.
• Continued Value Addition: The consultants continued to provide value beyond the initial project scope by supporting the client in other areas of financial crime compliance, leveraging their expertise to drive further improvements.
  

Clients Testimonial:

“We approached Danos Consulting with a problem: a significant backlog of complex investigations across multiple European entities. We needed to deploy a project team to assist us in addressing this issue. In a timely manner, Danos Consulting helped us onboard over 20 consultants within a matter of weeks. The Danos Consulting team successfully helped us clear the backlog and achieve our goals quicker than originally anticipated, all within our budget. We highly recommend Bradley and the Danos Consulting team for their assistance in providing a fantastic solution that was both cost-efficient and timely.” International Compliance Investigations & Screening Lead.

Summary:

Through strategic consulting and the deployment of a highly skilled team of consultants, Danos Consulting enabled the leading cryptocurrency exchange firm to overcome regulatory challenges and achieve significant milestones in AML / CFT compliance. The accelerated clearance of the backlog, coupled with cost savings and ongoing value addition, underscores the effectiveness of collaborative partnerships in addressing complex financial crime challenges. As the firm continues to prioritise compliance and risk management, the contributions of Danos Consulting’s consultants serve as a testament to the benefits of expertise-driven consulting solutions.

To find out more please contact, Bradley Handelaar, Associate Director, Head of Interim Solutions at Danos Consulting.
E: bhandelaar@danosconsulting.com.