Project Type
Client Overview
A notable money transfer service provider, rooted in the United Kingdom, has extended its reach to serve clients worldwide. By prioritizing regulatory compliance and investing in technological innovations, it has positioned itself as a leading player in international finance. This provider caters to a diverse range of customers, addressing their unique financial needs.
Summary of Results
Directly connecting with international
and government sanction lists helps keep compliance in check.
Uses AWS S3, Glue, and
Redshift/Redshift Spectrum to make data processing and analysis better.
Mostly uses a serverless setup to
separate storage from computing, making it more scalable and flexible.
Cuts down infrastructure and licensing
costs to less than 1% of what they used to be, making operations more efficient.
The Challenges
Major issues with AML compliance
systems due to inadequate data management infrastructure.
Compliance reports were outdated by at
least a day.
Difficulty for decision-makers to
monitor and address potential money laundering risks effectively.
High operational burdens due to the
lack of an advanced data handling system.
The Requirements
We helped to design and build an ETL Pipeline that met the following requirements:
The core of the data platform would be
engineered to last for at least 10 years.
Separate storage and computing
resources.
Serverless to reduce costs and
maintenance.
Flexible and modular to easily swap out
components.
New data arriving to the system would
be available for analysis within 5 minutes.
Nearly 100% uptime.
Immediate use case: Business
Intelligence (BI).
Future use cases: IoT, AI, etc.
Cost-effective with a pay-as-you-go
model.
The Solution
Used a mix of off-the-shelf third-party tools and a mostly serverless architecture in AWS due to the project’s nature.
Why Serverless?
- We used third-party tools and mainly serverless AWS architecture.
- Serverless technology helped reduce overhead and focus on important data tasks.
- Real-time updates to sanction lists were done using Change Data Capture (CDC).
- Data was stored in a data lake on AWS S3, separating storage from computing
- AWS Lambda and DynamoDB manage data for tracking regulatory compliance.
- AWS Glue processed and catalogued data to meet compliance needs.
- We had advanced data warehousing with strong analytics capabilities.
- Business intelligence tools were integrated for real-time analytics and compliance monitoring.
About Accropolix
Accropolix is a data architecture and consulting firm that specialises in helping businesses harness the potential of their data.