How First Bank UK sped up onboarding and improved regulatory accuracy with SafeWatch KYC

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Situation

Operational inefficiencies and growing regulatory scrutiny

FirstBank UK (FBN), a leading financial institution, provides a wide range of retail, corporate, and investment banking services. However, its manual customer onboarding processes were proving inefficient and increasingly challenged by evolving regulatory requirements. The need to maintain compliance with AML and KYC standards created pressure to adopt a more agile and intelligent solution capable of addressing both operational inefficiencies and growing regulatory scrutiny.

 

Task

Centralized onboarding solution

FirstBank UK aimed to implement a centralized onboarding solution that comply with the current internal processes and address stringent AML requirements. The growing scrutiny from regulatory bodies on monitoring systems highlighted the need for a more intelligent and efficient system to meet and adapt to compliance standards as regulations continued to change. 

 

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Action

Eastnets action plan

To address these challenges, FirstBank UK selected Eastnets SafeWatch KYC 2.5 as the foundation for its onboarding and due diligence transformation. This centralized solution integrated seamlessly with the bank’s client outreach portal, corporate data provider, core banking systems, and Eastnets SafeWatch Screening platform. 

  • SafeWatch KYC 2.5

    This centralized solution integrated seamlessly with the bank’s client outreach portal, corporate data provider, core banking systems, and Eastnets SafeWatch Screening platform.

  • By leveraging APIs, the solution enabled efficient onboarding and enhanced ongoing due diligence processes.

  • SafeWatch KYC 2.5 ensured compliance with both local and international KYC and KYB regulations, automating key functions such as name screening against sanctions lists, identifying PEPs, monitoring adverse media, and conducting corporate controlling person checks. This automation replaced time-consuming manual tasks, freeing up resources for higher-value activities.

Results

Streamlined onboarding and compliance operations

FirstBank UK’s adoption of SafeWatch KYC 2.5 has streamlined its onboarding and compliance operations. Centralizing workflows across departments, particularly for compliance officers, has brought greater consistency and efficiency to how the bank handles new customer onboarding and due diligence. 

Reduced manual intervention

ensuring faster, more accurate processes while maintaining robust compliance standards.

Enhanced operational efficiency

reinforcing the bank’s commitment to delivering secure, compliant, and customer-focused services.

Products used

SafeWatch KYC

The implementation of Eastnets SafeWatch KYC has brought significant improvements to our onboarding process. The system’s seamless integration with our processes and its adaptability to changing regulations have proven invaluable.With a centralized and efficient solution now in place, we meet regulatory requirements more effectively and operate with enhanced efficiency. We deeply appreciate the professionalism in the way Eastnets has implemented the KYC/KYB solution at FirstBank UK. It was very good to see how seamlessly Eastnets Project Management, Business Analysis,Development, and Network Engineering functions continually engaged with stakeholders at FirstBank until the project was successfully completed. We thank Eastnets for the continuing support rendered when needed.

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