Enhanced Due Diligence with iceDQ for FinCEN (Financial Crimes Enforcement Network)

This case study demonstrates how a global financial services firm leveraged iceDQ to automate and enhance their Enhanced Due Diligence (EDD) process, ensuring regulatory compliance and efficient risk assessment.

Download the full case study to discover how iceDQ streamlined data validation, processing over 12,000 accounts daily while reducing manual effort and improving data accuracy.

Key Challenges Addressed:

1. High risk of errors in customer data attributes critical to credit risk ratings
2. Manual data validation processes that were costly, time-consuming, and error-prone
3. Difficulty maintaining compliance with regulatory guidelines (e.g., FFIEC, FinCEN)
4. Inefficiencies in recalculating risk ratings for updated customer information

iceDQ’s Solution Highlights:

1. Automated data validation and reconciliation across multiple workflows (staging, transformation, and downstream systems)
2. User-Defined Functions (UDFs) for transformation logic checks on attributes like mailing address, transaction value, and funding source
3. Integration of all rules into regression suites for continuous data monitoring
4. Automated scheduling for daily and post-booking reconciliation processes

Key Results:

1. 12,000+ accounts processed daily, with updates monitored and validated in real-time
2. 100% automation, eliminating manual errors and improving efficiency
3. Regulatory compliance with improved data traceability and quality
4. Improved risk assessment through accurate and timely ECRR data validation
5. Streamlined workflows, reducing time and resource costs

Download the complete case study to learn how iceDQ helped this financial firm revolutionize their EDD process, ensuring operational excellence and compliance in a high-stakes environment.