Al-Ahli Bank of Kuwait

Health Check of Oracle AML Solution for Al-Ahli Bank of Kuwait

CASE STUDY 2019 - JMR Infotech Authored by: Project Manager, Enterprise Risk & Analytics

Health Check of Oracle AML solution for Al-Ahli Bank of Kuwait

Al-Ahli Bank, Kuwait partnered with JMR to conduct a review of their AML application to validate if the application is effectively and efficiently helping in meeting its compliance objectives.

Executive Summary

Bank has been using Oracle AML application since 2016 to meet its regulatory and compliance requirements for its domestic and overseas operations. As a part of continuous improvement Bank decided to conduct a review of the current AML application to validate if the application is effectively and efficiently helping in meeting its compliance objectives.

The objective of the review exercise is to review the processes, configurations, inputs and outputs from AML application and to improve and optimize the usage of the application.

Business Challenges

Validate application is configured and functioning properly and is geared to meet compliance objectives by:

 Performing end to end health check covering the alert investigation process, configuration, data mapping  Verifying if Regulatory and MIS reporting requirements of compliance is met and identify gaps if any  Identifying functionalities not being currently leveraged  Providing a report of findings on changes that need to be done in the AML application  Provide training to compliance and technical team to address knowledge gap

JMR’s Unique Approach

 Understand current configuration and issues pre-built questionnaire  Questionnaire covered functional and technical aspects  Critically evaluate system usage, configuration based on information obtained.  Report on findings provided in phases after discussion with relevant stakeholders

JMR’s Key Recommendations

Based on the study and evaluation some of the key recommendations made are:

 Automate batch run end to end including verifying if all data files are present

 Early warning of batch failure by configuring mail notification  Re configuring threshold sets to reduce false positives  Separation of Egypt batch from GCC country batch

 Use standard narrative template for analysts to investigate alerts  Implement Enterprise case management solution to improve efficiency in investigation

Client Speak

“ JMR employed knowledgeable and senior consultants who had expert knowledge in Oracle AML product and AML domain. I found their recommendation to be useful and planning to implement them to help improve effective usage

of Oracle AML application.

Akram Ali Othman,” Assistant General Manager-AML & CFT Al-Ahli Bank of Kuwait

About Al-Ahli Bank of Kuwait

Since its foundation in 1967, Al Ahli Bank of Kuwait (ABK) has progressed to be one of the leading Kuwaiti banks providing a wide range of financial and banking services and products across all its markets in Kuwait, Egypt and the United Arab Emirates.

In its home market of Kuwait, ABK has 32 centrally located branches, while in UAE it has two full service branches located in Abu Dhabi and Dubai and one wholesale banking branch in the DIFC and ABK - Egypt has a total of 42 branches.

Corporate Office Contact Information Beta Building, Sigma Soft Tech Park Phone: +91 80 4664 5111 Whitefield Main Road, Bengaluru, Email: [email protected] Karnataka - 560066 (India)