OWI Case Study

Case Study: Payments Compliance AML Review and Vendor Assessment

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A leading sharing economy company engaged OWI to define, assess, and improve their existing anti-money laundering (AML) capabilities and ensure compliance with state and federal requirements. The growing complexity of illegal activity schemes as well as enhanced regulations (e.g., NYDFS Part 504, EU 4th AML Directive)) required the client to examine their existing systems and evaluate new solutions to meet the evolving requirements of their compliance program.

The Action

OWI conducted a three-phased engagement, including a comprehensive assessment of the client’s AML processes, procedures, and transaction monitoring tools, as part of the engagement, OWI was able to:

  • Facilitate an industry-wide strategy workshop that included participants from leading sharing economy platforms, fintech companies, and big tech organizations.
  • Conduct stakeholder interviews to identify process inefficiencies across disparate business units.
  • Define business and product requirements for a comprehensive vendor assessment of providers who could meet the client’s core business requirements.
  • Provide recommendations for SAR/STR e-filing capabilities and workflow customization.

The Outcome

The client received a complete business requirements document for enhancing their transaction monitoring program and a vendor assessment cataloging over 50 solution providers. As a result of the engagement, the client was able to prepare their organization for NYDFS Part 504 and to enhance their existing compliance program with newly developed transaction monitoring tools. The client was successfully able to reduce process redundancies including manual  data parsing across disparate system and false positives.

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