How Safello went from hours of AML investigations per day, to minutes.

90% less false positives

After implementing our API, Safello saw a 90% reduction in false positives.

2h/day to minutes

Safello went from 2h of AML investigations per day to minutes.

Cut cost down by 50%

With our API, Safello saved 50% of the workload for a full-time employee.

The challenge

A high level of false positives

Safello guides their users to buy and sell crypto currencies in a safe and easy way. They were using BankID verification for personal ID numbers to onboard their customers, but were not able to carry out customer sorting based on that information.

Their AML process was a labor intensive one, since they both had to investigate a high level of false positives alerts and spend countless manual hours on figuring out why e.g. XYZ person was not the same as YZX. 

Using BankId to verify their users during onboarding, without being able to sort users based on their social security numbers, made their process for assuring compliance everything but smooth for their team. In addition, they also used an internal system for running screening against sanctions list, another time consuming manual task to maintain and update. 

Safello saw a 90% reduction in false positives after switching to Pliance; we went from hours of investigations per day to minutes
Matt Broniarek Operational Manager @ Safello

The results

Smooth and cost efficient AML process

It was clear that Safello was in need of a solution that streamlined their workload into a more efficient AML process. By partnering with us at Pliance, Safello now has exactly that.

We built a solution enabling AML screenings based on personal ID numbers - information gathered from BankID based verification - and a smooth workflow making sure Safello gets everything into their own system and preference, resulting in:

 

BankID

verification during onboarding

Confidence boost

for internal AML process

Simplified workflow

for the whole team

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