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London 22nd October 2024: FullCircl, a UK-based RegTech which is uniquely placed at the intersection of revenue and regulation, has been featured in the Gartner 2024 Bankers Guide to AML Tools for Productivity published on 13th August 2024. FullCircl’s inclusion in the report follows its contribution to the research and an in-depth vendor briefing process.
Gartner's report highlights that the top AML drivers for banks are increasing the productivity of case investigators, reducing the total cost of ownership, improving detection rates and accuracy.
Gartner states that banks are spending a large (and increasing) quantity of money on case investigators, and that this is not sustainable for the long term. The recommendation by Gartner is therefore that banks should calculate the extent to which a replacement AML system could boost case investigators' productivity, accuracy and consistency.
Gartner's view is that raising the productivity for an AML workforce by just a few percentage points, will likely outweigh all the additional vendor license and usage costs. FullCircl has been designed to save time and lower costs. Rich data and AML screening tools delivered via a single access point deliver faster onboarding, efficient compliance, dynamic risk assessment, and superior customer experiences. FullCircl drives improvements to effectiveness (detection rates and accuracy) and efficiency (automation and workflow), both of which Gartner highlight as crucial in the report.
Gartner also suggests that banks have accumulated large sets of siloed and fragmented solutions. It recommends banks adopt a holistic approach by sourcing more of the AML suite from a single vendor. It says that this approach will be more convenient and effective, as the vendor is likely to be better integrated at a technical level and a process level. FullCircl delivers a single AML platform for every stage of Customer Due Diligence (CDD), including automated KYC/KYB checks, unified global sanctions, PEPs), and adverse media screening, identity verification, credit screening and ongoing monitoring.
Speaking about the recommended vendor status, Andrew Yates, CEO at FullCircl, commented: “This is an incredibly insightful report, detailing the challenges banks face in AML screening. It’s great to see FullCircl aligned as a vendor capable of assisting banks with their biggest AML challenges.”
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