This project was carried out by the Digital Division of Kefron on behalf of an Irish Retail Bank, an existing client of Kefron Filestores & Shred-it.
The Bank’s internal Anti Money Laundering (AML) Division had a requirement to measure hardcopy compliance in relation to their disparately held repositories of both individual and corporate account files. This was to be done by conducting a full audit of all customer account application data held within the aforementioned files. The scale of the operation (in excess of 16,000 customer document files) was such that it required outsourcing to a specialist company such as Kefron. The strong existing partnership with Kefron, coupled with our expertise in this area, allowed us to devise and execute a successful project plan as Stephen Mackey, Senior Digital Consultant, explains “A bespoke solution was always on the cards but the existing level of trust and service confidence that existed between Kefron and the Bank meant that the custodian role and the solution finally applied were not too far removed from each other.”
The key component of any plan from the perspective of the Bank was the need to ensure perfect harmony and validated association between hardcopy and softcopy customer application data. In partnership with the bank, Kefron’s solution to the challenge involved a bespoke plan utilising multiple service units within the organisation.
The Bank provided a file level e-list corresponding to individual box contents prepared internally at branch level. in addition to a downloadable version of all compliant accounts associated with the project.
Throughout the entirety of the project every compliant record series was bar-coded and catalogued ensuring its whereabouts could be tracked on RSWeb. RSWeb is the on-line order management solution provided free of charge to our customers; essentially, an online facility for retrieving and managing documents that are stored offsite in our Records Centres. RsWeb.net provides customers with fast, flexible and immediate access and control over their records right when they need it. RsWeb.net provides real-time access to off-site records via the Internet as well as a powerful and convenient way to manage records as well as place orders for shipping, destruction scanning etc.
In total Kefron scanned a total of 16,400 customer document files the Bank, on time and within budget. “The success of the solution was no accident. Taking the best that Kefron had to offer in terms of service and combining it with the bank’s needs and knowledge ensured the right information being made available immediately to those who needed it, compliance and control all being achieved in line with the customer’s expectations at all levels” explains Mackey.
Measured compliance and up to date audit Reduced AML risk Increased access to information improved internal efficiency and information security.