A business banking division needed to screen every new corporate account against AML watchlists and sanctions databases, but the compliance team's manual review queue couldn't keep pace with new applications, creating a backlog that delayed account activation for legitimate businesses.
The Challenge
- AML checks were run manually against multiple watchlist sources
- Legitimate business accounts sat in the same slow queue as high-risk flags
- No consistent audit trail of which checks were run and when
The Solution
Veriqos' AML screening API runs automatically the moment a new business account application is submitted, checking applicant and beneficial-owner details against watchlists in real time and logging every check for audit purposes.
The Results
Low-risk accounts now clear screening automatically within minutes, letting the compliance team focus their manual review time on the genuinely flagged, higher-risk applications.
