City National Bank of Florida (CNBFL), headquartered in Miami, Florida, stands as the second-largest financial institution in the state, with over $26 billion in assets. Operating 30 branches from Miami-Dade County to the greater Orlando area, the bank employs nearly 1,000 professionals. Since 2015, CNBFL has been a subsidiary of Banco de Crédito e Inversiones (BCI), one of Latin America’s largest banks and the second-largest bank in Chile. CNBFL has earned a 5-star “Superior” rating from BauerFinancial, reflecting its strong financial health. Additionally, the bank has maintained an “Outstanding” Community Reinvestment Act (CRA) rating for over 20 consecutive years, underscoring its commitment to community development.
As a leading financial institution in Florida, CNBFL faced the challenge of enhancing its client onboarding process to meet stringent regulatory requirements, including Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and Beneficial Ownership regulations. The bank sought a solution that would streamline data collection, improve compliance accuracy, and ensure a seamless experience for both clients and staff.
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To address these challenges, CNBFL implemented Global RADAR, a comprehensive compliance management platform. This integration provided a fully automated solution for capturing and managing client information, ensuring adherence to CDD, EDD, and Beneficial Ownership requirements. The platform's robust features enabled CNBFL to enhance operational efficiency and maintain high compliance standards.
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The deployment of Global RADAR significantly improved CNBFL's client onboarding process. The bank successfully met all regulatory requirements, ensuring thorough due diligence and accurate beneficial ownership information. This advancement reinforced CNBFL's reputation for excellence and its commitment to maintaining the highest standards of financial integrity.
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