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How A Bank Reduced Audit Findings and Cut Ongoing Compliance Costs with Always-On Monitoring

The bank’s risk and compliance teams are responsible for customer due diligence, sanctions screening, tax-related checks, and ongoing monitoring throughout their customer lifecycle. However, due to increasing regulatory expectations, the bank needed a way to maintain continuous visibility into customer risk between onboarding and periodic reviews.

35–45%

INCREASE IN EARLY-WARNING RISK DETECTIONS

29–41%

FEWER AUDIT FINDINGS TIED TO OUTDATED CUSTOMER CHANGES

25-35%

REDUCTION IN ONGOING COMPLIANCE AND REVIEW COSTS

Compliancely enabled continuous monitoring beyond onboarding and periodic reviews. The bank detected risk changes earlier and reduced audit findings. Compliance costs fell as manual reviews were replaced with alerts.

Maya Johnson,Head of Credit

Challenges Faced

Point‑in‑time Checks Miss Changes
  • Relied heavily on checks performed during account opening
  • Depended on scheduled periodic reviews rather than continuous monitoring
  • Blind spots occurred anytime customer information changed
Tax-Account Changes Were Hard to Detect
  • TIN mismatches and IRS status changes were often discovered during audits or reviews
  • No automated way to detect any tax-account changes
  • Heavily relied on manual reviews of accounts
Rising Audit Pressure and Findings
  • Regulators started expecting ongoing monitoring, not just periodic checks
  • Outdated customer information caused repeat audit failures
  • Time-consuming remediation efforts increased operational burden

Compliancely Solution

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Always-On Risk & Compliance Monitoring
  • Shifted from point-in-time checks to continuous monitoring
  • Delivered real-time visibility into customer changes affecting risk and compliance
  • Enabled proactive risk management across the entire customer portfolio
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Continuous Sanctions & Entity Status Monitoring
  • Continuously Screened Customers Against Global Sanctions Lists
  • Monitored Entity Status And Detected Deceased Individuals Linked To Active Accounts
  • Alerted Teams To Risk-impacting Changes, Reduced Regulatory And Fraud Exposure
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Tax & Identity Change Alerts
  • Provided immediate alerts for tax-related and identity changes
  • Enabled early detection of TIN mismatches and customer discrepancies
  • Reduced audit findings and increased confidence in customer identity accuracy

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Compliance is a regulatory obligation for businesses but it’s a tiring and sometimes an exhaustive experience for your customers. The paperwork, the waiting, and the verification steps – although necessary from a compliance perspective, these factors can take away the very thing that brought your customers to your products and services – intent.

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