BRD – Case Study

Client overview

BRD – Groupe Société Générale is one of the largest financial institutions in Romania. Established in 1923, BRD has evolved into a full-service bank offering a wide range of products and services such as personal and business banking, insurance, leasing, and asset management. With a strong presence in Romania, BRD has 446 branches and employs more than 6,000 people. The bank is committed to providing innovative solutions to its customers and promoting sustainable development through its operations.

Our Solution

dMonitor helps financial service companies to thoroughly assess their sanction & PEP risk by accessing the most comprehensive database of politically exposed persons in Romania. dMonitor accelerates the integration and monitoring of PEPs by providing the latest KYC and AML data. Enriched and intelligent data about customers enables straightforward and efficient processing, with fewer customer touchpoints, less risk and faster revenue.

dMonitor aggregated the most extensive PEP and Sanctions database which we updated weekly. Our Romanian PEP database contains over 3000 profiles from Romania and is connected to worldwide databases on sanctions which can be accessed natively in our web platform or through our multiple APIs.

Addressed Need

The story begins with BRD & Innovation Labs, the longest-running pre-accelerator entrepreneurship education program with a national footprint. It continues with the meeting between one of these startups and the BRD department dedicated to compliance, which resulted in the current partnership between the two companies.

The compliance team details how the DMonitor project started: “Following an audit, we concluded that the databases used by the DCO (KYC) team at that time did not provide sufficiently updated information about people who hold important public positions. Thus, we risked not identifying a client from our portfolio who recently occupied such a position and who would have fallen into the category of clients requiring additional verifications.

The concerted effort of the dMonitor team made this project progress quickly: “It was a very fruitful collaboration. The provider was very attentive to our needs, and we have an open communication channel through which we can raise issues, proposals, etc.

Implementation & Results

We created 50 accounts across Compliance & KYC departments, used daily by the teams in BRD to screen PEP flags in the dMonitor web platform. The database is updated weekly and the BRD employees receive an early warning newsletter every Friday with the latest changes.

The effects of DMonitor were quickly felt, including retroactively. “The technology provider helped us from the beginning of our collaboration to initially screen the portfolio, to identify through reconciliation all cases that were not identified until the implementation. Then, we started to use the application in our daily activity and we expect the weekly newsletter that informs us about the changes. Essentially, the KYC compliance officer finds in the application all the information needed, without the need for manual searches on different websites. Response time in addressing these cases is significantly reduced, with a positive impact on our performance and our internal customer relationship,” emphasizes Florentina Merzlichin, Head of Compliance at BRD.

One compliance officer also points out how BRD customers benefit from this project: “Response time decreases (no longer requiring lengthy manual checks on different websites). And more importantly, we find public documents and information in the application, without the need to ask the customer for them, resulting in a significantly faster time to resolution“.

The partnership with BRD has been a foundational brick in our path. While our team possessed a solid foundation in compliance, the invaluable feedback and input received from the compliance team at BRD enabled us to gain a deeper understanding of the specific needs of a Tier 1 bank, enabling us to build a product roadmap tailored to the most pressing needs of the market while further validating our key benefits of comprehensive KYC data availability and significant time savings for each compliance officer that uses dMonitor.

We extend our heartfelt appreciation to Florentina Merzlichin, Horia Velicu, and the entire BRD team for their significant role in empowering dMonitor to establish a new benchmark in Anti-Money Laundering (AML) solutions. Through their unwavering support and guidance, we are confident that dMonitor 2.0, our forthcoming international platform scheduled for launch later this year, will become a prominent name within emerging markets.” Radu Rauta, CEO at dMonitor.