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The Hidden Costs of Manual Document Review

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1. Types of Documents Compliance Teams Review

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When it comes to compliance, banks handle a wide range of documents, including:

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• Proof of Funds
• Articles of Incorporation
• Articles of Organization
• Financial Statements
• National IDs (Passports, etc.)
• Shareholder Agreements

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Each of these documents must be carefully reviewed to ensure accuracy and compliance with regulatory requirements. However, this manual review process is fraught with challenges.

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2. Time and Resource Drain

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Imagine the resources consumed in manually reading and interpreting these documents for tasks such as account openings or increasing a client's transaction profile. Not only does it take time to ensure that the right documents are being submitted, but compliance teams also face the challenge of re-analyzing documents if errors are found. This leads to rework and wasted time, as well as customer frustration due to delays.

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For example, how much time does it take to review a document that turns out to be incorrect? How many hours are wasted because of manual data entry errors? How many times does a document need to be resubmitted due to avoidable mistakes?

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The Real-Life Impact of Manual Processes: A Closer Look

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Let’s take a closer look at two common scenarios:

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Case 1: Incorrect Document Submission for Transaction Profile Review

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Imagine a client has exceeded their transaction limit, and the compliance team requests proof of funds. The client submits a document, but after careful review, the analyst discovers it is the wrong document. The client is asked to resubmit the correct one, resulting in a delay.

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Finally, the correct document is submitted, showing an extraordinary income from the sale of property, and the client can continue transacting. While the situation is resolved, the inefficiency and back-and-forth negatively impact both the client experience and the compliance team’s workflow.

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Case 2: Delays in Account Opening for Businesses

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A business submits an application to open a bank account, along with the required documentation. However, due to multiple errors—such as submitting expired documents, wrong documents, or documents unrelated to the individuals listed on the application—the process is delayed.

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The client experiences frustration, and the bank risks losing the customer. Furthermore, the commercial team clashes with the compliance team, as the former is eager to onboard the new customer while the latter is ensuring that all regulatory requirements are met. This not only results in lost time but also lost revenue, as each delay in the process equates to financial losses.

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How Complif Solves These Issues: Automating Compliance Processes

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Complif’s account opening form offers a solution to the challenges highlighted in the examples above by automating much of the document review process. Here’s how:

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1. Automated Document Verification

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Complif’s system automatically verifies documents as they are submitted. Whether it's proof of funds, incorporation documents, or personal identification, the system checks for validity and correctness before submission. This ensures that incorrect documents are filtered out, reducing delays and improving the overall customer experience.

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2. Streamlining Transaction Profile Updates

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In the first example, where a client exceeded their transaction profile limit, Complif automates the entire process. When an alert is triggered, the client is prompted to submit the necessary documentation. The system verifies that the correct document is submitted, and the document processor extracts the relevant data.

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From there, the system updates the client’s transaction profile and, if applicable, closes the alert with a detailed log of actions taken. This eliminates the need for manual input and verification, ensuring compliance while freeing up valuable time for compliance officers to focus on more complex tasks.

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The Advantage of Automation: Why Banks Need to Adapt

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The benefits of automating compliance processes are clear: faster document reviews, improved customer experiences, and reduced operational bottlenecks. As financial institutions continue to face increasing regulatory pressure, the banks that adopt automated solutions will have a significant advantage over those that continue to rely on manual processes.

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The Risk of Falling Behind

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In today’s fast-paced financial sector, delays caused by manual processes can be dangerous. A poor customer experience can lead to lost revenue, and inefficiencies can lead to regulatory fines. Banks that fail to adapt risk falling behind in both customer satisfaction and compliance readiness.

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Conclusion: Embrace Innovation or Risk Obsolescence

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In summary, the operational inefficiencies caused by manual document review processes are costing banks time, money, and customer trust. By adopting automated solutions like Complif’s account opening form, banks can streamline compliance processes, reduce errors, and enhance the overall customer experience.

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Ready to see how Complif can revolutionize your compliance operations? Schedule a demo today. Let us know which processes you’re most interested in seeing, and we’ll tailor the demo to your needs.

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Spoiler Alert ⚠️ :

Watch this quick breakdown of manual vs. automated document processing in action.

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