Case Study: Scotiabank achieves $4.2M cost savings with WorkFusion's AML automation

Scotiabank saves $4.2M in 6 months with WorkFusion

Scotiabank, a major Canadian bank, sought to enhance its anti-money laundering program by automating its adverse media search process. The bank partnered with vendor WorkFusion to implement its Intelligent Automation solution for Adverse Media Monitoring.

By deploying WorkFusion's solution, Scotiabank optimized its AML process, achieving significant results. These included freeing up 105 FTEs, a 95% reduction in false positives, a 50% increase in media search coverage, and $4.2M in cost savings within six months, with a projected annual saving of $15M. WorkFusion's automation turned the bank's compliance operation into a competitive advantage.

Scotiabank