INDUSTRY: Finance
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How Accelirate’s Intelligent AI Agents Simplify Large Data Screening and Sanction Process for Global Firms, Saving 940 Hours and $65K Annually
940
Hours Saved Annually
$65,000
Annual Cost Savings
99%
Error Reduction
Client Overview
The client, a coalition of global organizations including WFP, FAO, UNHCR, and UNO, required a robust and automated sanction screening process to ensure compliance with international regulations. Their manual screening process was time-consuming, error-prone, and unable to efficiently handle the increasing volume of vendor data.
Key Takeaways
- Automated sanction screening with intelligent agents for high-volume data
- Faster processing with zero manual effort
- Improved compliance and accuracy with enhanced data integrity
- Scalable framework to adapt to new sanction lists
The client faced challenges with their manual sanction screening process, which was inefficient and prone to errors, leading to compliance risks and operational bottlenecks. To streamline operations, they partnered with Accelirate, leveraging intelligent agents to automate vendor screening against major sanction lists. The solution eliminated manual intervention, reduced errors by nearly 100%, and saved 940 hours annually. With seamless integration, enhanced compliance, and improved data accuracy, the client now operates more efficiently while ensuring regulatory adherence and risk mitigation.
Optimizing Sanction Screening Efficiency with Intelligent Agents for Global Compliance
The client’s compliance teams faced inefficiencies in manually screening vendors against multiple global sanction lists. The process required extensive manual effort, increasing the risk of errors and delays in compliance reporting. Handling large data volumes across multiple sanction databases added complexity, making it difficult to ensure accuracy, visibility, and regulatory adherence. To address these challenges, Accelirate implemented an intelligent AI agents-driven sanction screening solution, automating vendor checks across sanction lists, reducing processing time, and enhancing compliance accuracy. The solution streamlined data consolidation, risk flagging, and reporting, ensuring a seamless and error-free workflow.
01- Automated Sanction List Consolidation
RPA agents downloaded and standardized data from multiple sanction sources, eliminating manual data formatting errors.
02 - Vendor Screening Automation
Vendors were automatically screened against global sanction lists, flagging matches based on key identifiers like name, nationality, and address.
03 - TIntelligent Risk Flagging
Bots cross-checked flagged vendors against a clear list to refine risk identification and prevent duplicate entries.
04 - Secure Data Storage & Accessibility
All screened results were securely stored in an organized FTP system, ensuring easy access and retrieval.
05 - Automated Compliance Reporting
A notification system automatically sent final reports to compliance focal points, ensuring timely decision-making and regulatory adherence.
06 - Real-Time Error Handling & Monitoring
Built-in exception handling ensured any mismatches or discrepancies were flagged, allowing quick resolution and uninterrupted screening operations.
What Was Unique About the Implemented Solution?
The solution exemplified intelligent agents by automating the entire sanction screening process with zero manual intervention. RPA agents efficiently handled high-volume data processing tasks such as vendor screening, risk flagging, and reporting, ensuring accuracy and speed. This automation acted as an enabler for compliance teams, allowing them to focus on strategic activities like risk assessment and policy optimization rather than time-consuming manual reviews. The seamless integration of RPA bots into the client’s existing systems minimized disruptions and addressed key operational challenges, resulting in a more efficient and reliable compliance framework.
The AI Agent Workflow for Data-Screening Process
The intelligent AI agent executes the following steps to finalize the data screening process against the sanction data.
- Step 1: Download the sanction lists
- Step 2: Consolidate all the sanction lists in a standard format
- Step 3: Retrieve the Vendor list from the FTP folder
- Step 4: Screen each vendor in the vendor list against the sanction lists and create the initial match list.
- Step 5: Flag matches on date of birth or birth year, nationality, birth country and country in the address if the information is available.
- Step 6: Compare the match list with the clear list and highlight the duplicate entries based on Supplier ID, Supplier Name, Name Match in Sanction List, and Reference ID to generate the final match list. Do a reverse comparison of names in the Sanction list to the resulting match list to enrich the resulting data.
- Step 7: Store the final match list along with sanction lists in a dated folder in the main FTP folder for the organization
- Step 8: Send an E-mail to notify the focal point
Application used: UN, UK, UNGM, WB, EU (Sanction Data Websites), Database, Excel, Outlook, FTP server, API
Driving Compliance and Operational Excellence with Intelligent Automation
Accelirate’s intelligent automation solution reinvented the client’s sanction screening process by automating repetitive and error-prone tasks. The result was enhanced compliance, reduced errors, and significant time savings, enabling the client to allocate resources more strategically.
940 Hours Saved Annually
Automated processes drastically reduced the time spent on manual sanction screening tasks.
$65,000 Annual ROI
Optimized workflows resulted in significant cost savings for the organization.
Near 100% Error Reduction
The solution virtually eliminated human errors, ensuring flawless data accuracy.
Increased Operational Efficiency
Compliance teams could focus on risk assessment and policy improvement, enhancing productivity.
Enhanced Data Visibility
Improved reporting and data storage ensured better transparency and traceability for compliance requirements.
Now Build Intelligent AI Agents Tailored to Your Processes
Leveraging Accelirate’s tailored intelligent automation expertise, global organizations streamlined their sanction screening processes, reducing manual effort and enhancing compliance accuracy. Automating vendor screenings against multiple sanction lists ensured near 100% error reduction, improved data visibility, and significant time savings, allowing teams to focus on strategic compliance initiatives.
Partnering with Accelirate, you can build scalable, reliable and trusted AI Agents that can observe, think, plan and act autonomously with minimum human intervention. Leverage our best-in-class solutions to optimize your existing processes and make the most out of your RPA investment. Interested in learning more? Reach out to us today!
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