How Unit21 Is Being Utilized

‍

In terms of how Paulo and his team are using Unit21, he is pleased with the flexibility that the Unit21 software offers when it comes to testing different rules, iterating on escalation workflows, and experimenting around operational procedures for alerts and cases.
‍

He pointed out specifically that one of Unit21’s key features, shadow mode (or “silent mode”), has helped him run transaction monitoring rules in the background that don’t affect his alert queues, but allow him to investigate these “shadow” alerts to get an understanding of the quality of a given rule that might be considered for production.
‍

In a nutshell, as an alternative to historical validation of detection modeling rules, this feature allows rules to run in "silent mode" where alerts are not sent into production queues for review, but can still be used as part of the validation results. This feature has helped Metal Pay quickly test and iterate their transaction monitoring rules so they can continuously improve upon their process.

‍

‍

Driving Impact for the Risk and Compliance Team

‍

On top of their positive experience with some of Unit21’s core features, using Unit21 has had an immense impact on the compliance team’s day-to-day workflow. For one, the Case Management system provides tools that ultimately lead to a more organized and less stressful investigation process.
‍

“No one has to remember about an investigation. It sits in a case and we know we can come back to it at any point in time if we don’t have time right then to conduct the investigation. We now have a system in place that reminds us to revisit the case in an appropriate amount of time which has allowed us the freedom to prioritize our work with the knowledge that everything will be waiting there for us when we do have a moment to focus.”
‍

And with the ability to streamline the SAR filing and drafting process, the team has not only reduced the amount of time it takes to complete an investigation and file a report, but they are also not wasting their time on tedious, manual tasks like searching for and inputting information into clunky forms through the BSA website.
‍

With Unit21, many of the form fields are auto-filled and the report can be filed with a click of a button.
‍

“In compliance, there’s a lot of stress around keeping track of a lot of different things. Prior to Unit21, there was less organization, which leads to more stress. Unit21 has provided people with a clearer process on their day-to-day role which has improved team morale.”
‍

As a result of these workflow improvements, the Metal Pay compliance team is catching more suspicious activity, which is easily backed up by the number of report filings they have been able to make. In 2021, Metal Pay saw a roughly 350% increase in SAR reports filed after implementing
Unit21’s software. Also, Paulo estimates that each analyst’s time spent on cases and SAR filings has been reduced by about 50%, which has had a drastic impact on the team’s productivity and daily output.

‍

Unit21 as a Partner: Closing Thoughts

When asked to sum up Unit21’s value to Metal Pay’s risk and compliance operation, Paulo left us with his thoughts about not just the product, but also about how deeply Unit21 cares about its customers.
‍

“I think Unit21 possibly has the best technical team focused on AML compliance products, which means, in addition to the great products they already have, there’s tons of potential for this company to continue innovating and providing new features that compliance departments eventually feel that they couldn’t operate without. Additionally, Unit21’s active engagement with its customers is unlike any other compliance vendor I’ve seen in this industry. I don’t know of any company providing this level of support to their customers.”
‍

We are proud to have Metal Pay as a customer and would be happy to help if your team is struggling to adapt your legacy system to the evolving needs of your organization.
‍

If you are interested in trying out Unit21 for your risk and compliance operations, schedule a demo to see it in action today.

‍

‍Want to share this case study? Download it and take it with you:

‍