Case Study: Scotiabank achieves more efficient AML compliance with WorkFusion

How the third-largest bank in Canada automated its adverse media search and achieved cost savings of $4.2M within six months

Scotiabank, one of Canada's largest banks, aimed to enhance its Anti-Money Laundering program and transform it into a competitive advantage. The bank's manual process for adverse media monitoring was costly and involved over 500 individuals performing inefficient Google searches, requiring a more consistent and effective solution. To address this challenge, Scotiabank chose to implement Intelligent Automation Cloud from vendor WorkFusion.

WorkFusion's solution automated the adverse media search process, which significantly improved operational consistency and efficiency for Scotiabank. The results were substantial, including a projected annual savings of $15 million, a 95% reduction in false positives, and a productivity gain equivalent to 105 full-time employees, all while achieving more comprehensive and objective risk analysis.

Scotiabank

Daniel Moore

Chief Risk Officer