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Our client is one of the leading Fortune 100 banks with client base of over a million people across countries. As an international bank, our client is bound to comply with numerous countrywide regulations and adhere to international standards as part of banking requirements and also to maintain their credibility as a trusted bank.
As the information in all annexure documents was scanned manually, there always is a probability for higher risks of non-adherence to different lists like OFAC, KYC etc. due to human errors. Implications of non-compliance compelled our client to seek for a faster, trustworthy and an automated solution. A solution that can overcome challenges in complying with OFAC regulations which requires a thorough scrutiny of all the supporting documents involved in a particular transaction for pointing out suspicious or bad entity names. Following were the key requirements:
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