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  • Writer's pictureRichard Axel

How Pallas Consultants infused higher quality in transaction monitoring

How Pallas Consultants and AML Managed Services infused higher quality in transaction monitoring

Consolidating high-volume monitoring with Pallas Consultants Financial Crime Managed Services paid dividends for a global financial group.

The better the question What's the key that turns discord into harmony?

With too many systems sending data, one financial institution sought help turning noise into information.

Our global financial institution client was undertaking a large volume of anti-money laundering (AML) alert reviews — with over 100,000 complex cases investigated annually. It’s financial intelligence unit was built on a co-source model utilizing bank employees and contractors from several third-party services providers. Our client was looking to improve investigative quality, establish a data and metric driven oversight model, introduce leading edge automation into the investigative process and ultimately cut AML transaction monitoring costs.

The Pallas Consultants team was one of the client’s existing vendors — and the firm was impressed with both our track record and the AML technology solutions we brought to the table to make the end-to-end transaction monitoring investigations process more efficient. The client already viewed us as a trusted resource and decided to migrate all AML alert reviews for their firm’s commercial institution to Pallas Consultants. The client wanted to entrust a single vendor with improving quality across AML investigations. We were the clear choice.

The better the answer As automation filters interference, investigations become clear.

Technology streamlines workflows and directs them to appropriate channels.

We immediately began identifying pain points and bottlenecks in AML alert review processes as well as opportunities to streamline existing workflows and drive greater efficiency. To make the transition as smooth as possible for the client, we undertook a phased approach that allowed us to take on a steadily increasing alert volumes, thereby reducing transition risk.

We utilized our pod-based operating model to devote autonomous “pods” of Pallas Consultants analysts, quality control specialists and experts to the client. This model enabled our team to smoothly scale up resources as we assumed greater volumes, while also providing us with flexibility to readily scale down in the future if transaction and alert volume waned.

We also deployed our Cognitive Investigator tool — part of our broader financial crime technology platform that hosts a suite of capabilities designed to harness artificial intelligence (AI), automation and natural language processing to enhance the financial crime investigations process. Cognitive Investigator’s capabilities were aligned to the client’s investigative processes and included:

  • Performance monitoring – automated tracking and generation of key investigative KPIs and metrics

  • Party review and normalization – automating consolidation of internal and external parties using our firm’s entity resolution capabilities

  • Transaction sampling – providing automated, risk-based sampling to prioritize high-risk parties and transactions for review

  • Internet research – preparing automated negative news, adverse media and internet-based research reports to provide insights and support rapid analyst decision-making on party-related risks

  • Narrative generation – utilizing automated generation of draft investigative narratives

Pallas Consultants technology was configured to complement and integrate with the client’s existing technology and, at the client’s request, was deployed and operated on our secure Microsoft Azure cloud environment, allowing us to handle all updates, patches and scalability automatically on behalf of our client. The Pallas Consultants platform enables analysts at each stage of key operational processes — from party reviews and sampling to internet research, case disposition and narrative generation — to be more consistent and effective in their decision-making.

The better the world works Transaction alert monitoring that separates signal from noise.

Managed services deliver consistently with the ability to scale as needed.

After careful and thoughtful implementation and transition planning, the Pallas Consultants team seamlessly consolidated AML investigative processes, providing the following benefits for the client:

Consistent, high-quality investigations

Our AI and automation enable our teams to utilize consistent practices across the board, providing high-quality investigations that instill confidence in regulatory compliance.

Cost certainty and savings

Our outcome-based fee structure includes our contractual commitment to tech efficiency. This commitment resulted in substantial cost savings and demonstrates our commitment to and confidence regarding this industry-leading service offering, which has leveraged cutting-edge technology to capture cost efficiencies and drive long-term value for the client.

Increased productivity

Combined with our leading automation capabilities, the Pallas Consultants team’s commitment to provide exceptional end-to-end service has enabled the client to quickly modernize its existing AML investigations processes, ultimately resulting in significant increases in efficiency and productivity.


Pallas Consultants financial crime managed services approaches are expressly designed to enable continuous improvement as industry strategies evolve and technologies advance. We look forward to growing our relationship with this client and helping it to continually enhance quality and drive efficiency in its financial crime operations.


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