Enhancing Customer Due Diligence Saves Money


A national Financial Services Organization needed assistance to enhance and strengthen its Customer Due Diligence requirements as mandated by FinCEN.  The consequences of not implementing successfully by the established date could have been significant, causing the organization to rely on manual processes to meet the compliance requirements to conduct proper Customer Due Diligence.


BASG sent in a highly skilled Project/Program Lead who arrived 16 months after the start of the project and with only 6 months remaining to meet the compliance deadline.  Our Consultant quickly assessed the current state and went to work:

  • Immediately focusing on getting requirements back on schedule, identifying impacted applications and creating a detailed project schedule with all the required tasks defined.
  • Providing key stakeholders and working sponsors a clear understanding of the status of the project.
  • Putting the Retail work stream on track. The effort across Retail required a team of 190 resources and impacted 24 applications.
  • Ensuring the entire Customer Due Diligence Program was successfully implemented 3 weeks ahead of the compliance date with very few issues and zero customer impacts.


Within the first week of deployment, over 2000 new customers were on boarded. This stalled effort was brought back on track ahead of the mandated compliance date allowing the Executive Team peace of mind knowing it would be compliant for the upcoming audit.

Meeting the compliance deadline also saved the organization significant dollars and potential reputational damage from penalties and / or a financial impact due to loss of business if there had been a mandated discontinuance of certain products offered to business customers.