AML (Anti Money Laundering) Connect


Client’s Requirement

Ensuring effective compliance with Know Your Customer (KYC) regulations is crucial in the financial sector. Conducting timely and accurate customer background checks to identify potential criminal affiliations is a basic requirement. However, the existing challenge lies in the extensive and diverse data sources, resulting in query durations ranging from 2 to 30 seconds. This delay hinders the real-time execution of customer checks and overall operational efficiency. The primary objective of this project is to significantly reduce processing time while enhancing the reliability and accuracy of the service, aiming to achieve faster and more efficient KYC compliance.

Our Solution

Techwish successfully implemented the AML Connect solution to expand the client’s service portfolio. The project focused on developing an efficient Anti-Money Laundering (AML) and KYC compliance system tailored specifically for banking institutions. Key components of the solution:

Infrastructure Consultation: The team provided expert guidance on the infrastructure required for the implementation of the new solution. Key components assessed included:

  • Real-time Screening Service: Collaborated with the project manager to understand the specific requirements and designed a real-time screening service capable of delivering results within a groundbreaking 300 milliseconds
  • Cache Implementation: Identified the need and implemented Redis as a cache store to turbocharge the real-time service’s speed

Risk Management:

  • Real-time Monitoring: With the data effectively loaded and processed, the system was equipped to perform real-time customer background checks. This ensured potential risks were identified promptly and addressed accordingly

Deployment and Scalability:

  • Platform Deployment: The real-time service was deployed on the Google Cloud Platform (GCP), utilizing a Jenkins pipeline to a Kubernetes cluster. This ensured that the service was robust and scalable
  • Continuous Integration and Deployment: Established a seamless CI/CD pipeline for smooth deployments and updates, thereby minimizing downtime and guaranteeing the real-time service remained at peak performance

Overall, the solution addressed a comprehensive AML and KYC compliance system that offers real-time screening, batch processing, ongoing monitoring, and improved accuracy. By utilizing the Google Cloud Platform, the project ensured scalability, reliability, and efficient management of the infrastructure.

The project involved two scrum teams, one for internal functionalities and one for coordinating with external teams. The team size included 6 SDE, 4 DevOps, 2 Scrum masters, 1 BA, and 1 PM. The technology stack comprised Kubernetes, AWS services (EKS, S3, Athena, Lambda), Java, Spring, Maven, Docker, Cassandra, Memcached, and Jenkins CI/CD.

The Outcome

Techwish’s solution led to dramatic improvements in the efficiency and precision of real-time customer screening. The new system boasts a response time of 200 milliseconds, vastly outpacing the old system, thanks to Redis caching and an optimized data pipeline. This revamped service allowed the client’s banking associates to execute background checks swiftly and meticulously, upholding KYC regulations with great accuracy. This game-changing solution not only bolstered the client’s stature in AML and KYC services but also underscored Techwish’s engineering prowess, endorsing our strategic approach and emphasis on enriched insights, improved efficiency, and informed decision-making.

Contact Persons:
Chandrasekhar Pasarti
Dawei Zhuang
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