TLDR: Crown Agents Bank has implemented WorkFusion’s AI Agent Tara to automate and improve its transaction screening processes, particularly for sanctions compliance and anti-money laundering (AML) tasks. This deployment aims to create a scalable platform for the bank’s growth in emerging markets while managing costs and reducing the burden of false positives on its compliance team.
Crown Agents Bank, a UK-based financial institution specializing in FX and cross-border payments, especially in emerging markets, has announced the deployment of WorkFusion’s AI Agent, Tara, for transaction screening. This strategic move is set to enhance the bank’s financial crime compliance (FCC) operations by creating a scalable platform for its rapid expansion while effectively managing operational costs.
WorkFusion’s AI Agent Tara is designed to automate real-time payment screening, focusing on critical areas such as sanctions compliance and anti-money laundering (AML) tasks. These pre-built AI Agents are engineered to review every alert, employing the same reasoning and procedures as top-tier Level 1 analysts, and have the potential to reduce manual work by up to 70 percent.
Shyam Kakad, SVP and Head of AFC Operations for Crown Agents Bank, emphasized the necessity of this solution, stating, “Because our business is growing rapidly and our payment alert volumes are increasing, we needed a solution that could help us scale exponentially without added costs.” He further added, “By integrating WorkFusion’s AI Agent, Tara, into our transaction screening processes, we are reducing the false positive burden on our team, streamlining operations, and enhancing the speed and accuracy of payment processing. This is another example of our dedication to leveraging technology and AI to better serve our clients and navigate the complexities of global financial compliance.”
Tara’s core capabilities are designed to significantly improve efficiency and accuracy in transaction screening. The AI agent aims to minimize manual effort, saving teams an average of 30 percent, thereby freeing up analysts to concentrate on higher-value investigations. A key feature is its ability to resolve false positives in sanctions alerts, with Tara auto-adjudicating up to 30 percent of false positives and a target to reach 60% in the near future. Furthermore, Tara facilitates real-time reviews, taking immediate action on incoming alerts, and helps mitigate risk through consistent quality of work and defensible narratives for audit purposes.
WorkFusion highlights that Tara, an AI OFAC/AML expert, is specifically focused on protecting organizations from processing payments by sanctioned entities and individuals. It achieves this by automating entity recognition and name-matching for people and organizations, comparing them against its decision matrix and historical decisions. This process can lead to a 70%+ reduction in the manual disposition of false positive hits on millions of transaction alerts annually. Tara also integrates with existing systems like Firco Continuity with Case Manager, LexisNexis Bridger XG 5, and OpenCorporates, and can handle various message types including SWIFT, ISO 20022, Fedwire, ACH, CHAPS, IAT, and SEPA.
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The deployment of Tara aligns with the broader trend of leveraging advanced technologies like AI to enhance the payment ecosystem, from client experience to credit underwriting, while also addressing the increasing challenge of fraud in real-time payment systems.
