CASE STUDY
Simplifying Enhanced Due Diligence for an Auditing Firm
Key Outcomes
50%
Increase in Productivity
25%
more cases
30%
Cost Savings
Client Overview
A leading auditing firm, managing compliance for over 5,000 corporate and individual clients, relied on Idenfo Direct’s advanced AML/KYC platform for Customer Due Diligence (CDD). Operating in a highly regulated industry, the firm faced mounting pressure to meet strict compliance requirements without compromising efficiency.
The Challenge: A Fragmented EDD Process
While Idenfo Direct effectively handled standard CDD, the firm struggled with Enhanced Due Diligence (EDD) for high-risk clients. Key challenges included:
- Manual Forms and Scattered Data: High-risk clients required additional due diligence steps, but the firm’s existing system lacked EDD functionality. Staff had to rely on manual forms, attaching separate files to CDD records—resulting in data fragmentation and inconsistencies.
- Workflow Inefficiencies: The manual process created delays, taking an average of 45 minutes to complete EDD for a single client. With 10–15% of clients flagged as high-risk, the workload added up quickly, reducing operational efficiency.
- Compliance Risks: Without an integrated EDD system, maintaining an auditable trail became a challenge, raising concerns about regulatory compliance and readiness for external audits.
The firm needed a scalable, centralised solution to streamline EDD processes, minimise errors, and ensure regulatory compliance.
The Solution: Integrated EDD with Idenfo
Idenfo responded by introducing a seamless, built-in EDD feature within its profile management system. Key improvements included:
- Centralised Workflow: Staff could now initiate EDD directly through the “Edit Profile” function in the platform. All EDD requirements—such as gathering additional documentation, conducting deeper risk assessments, and updating client profiles—were performed within the same system.
- Time Efficiency: The updated system reduced the EDD processing time by 40%, enabling staff to complete reviews in 25–30 minutes instead of 45.
- Improved Data Integrity: With all client information stored in one place, the risk of data duplication or loss was eliminated.
- Regulatory Confidence: The firm now had comprehensive audit trails to prove compliance during regulatory inspections, reducing stress and preparation time.
The Outcome: Measurable Gains in Efficiency and Compliance
Within three months of implementing the new EDD feature, the firm reported:
- 50% Increase in Productivity: Streamlined workflows allowed the compliance team to handle 25% more cases without adding headcount.
- 30% Cost Savings: Reduced manual processes lowered operational costs associated with compliance management.
- Enhanced Compliance Confidence: The firm achieved 100% audit readiness, with all EDD cases well-documented and easily retrievable.
- Improved Staff Satisfaction: Employees reported a 20% boost in job satisfaction, citing fewer manual tasks and a clearer workflow as key improvements.
Client Feedback
The auditing firm praised Idenfo for delivering a timely and impactful solution that addressed their operational challenges head-on. They noted that the integrated EDD feature not only streamlined processes but also future-proofed their compliance framework against evolving regulations.
Key Takeaways
This case highlights how Idenfo’s innovative AML/KYC solutions deliver:
- Simplified compliance workflows for high-risk client management.
- Faster, more accurate EDD processes with centralised data management.
- Enhanced regulatory readiness through audit-friendly systems.
By addressing the client’s specific needs, Idenfo Direct demonstrated its commitment to empowering businesses with scalable, technology-driven compliance solutions.
Keep in touch
To stay informed on future updates and enhancements, we encourage you to regularly visit our website and subscribe to our newsletter. We also invite you to follow us on our social media channels where we share insights, news, and updates about our products and the industry at large.