City National Bank Case Study
Discover Companies like yours who’ve improved their compliance programs with Global RADAR
City National Bank (CNB) is based in Miami, Florida and is in the top five largest financial institutions in the state of Florida. City National Bank has over $4.9 billion is assets, 450 employees, and 26 locations in the state. They have a proud reputation of excellence, having recently received a 5 star “Superior” rating by Bauer Financial, the top bank-rating firm.
Gibraltar’s past compliance troubles have been well-documented and widely reported. As recently as 2016, Gibraltar of Coral Gables was hit with a grand total of $4 million in fines related to BSA violations. The Financial Crimes Enforcement Network (FinCEN) fined them $1.5 million for failing to file suspicious activity reports (SARs) related to over $500 million in transactions. Not only was Gibraltar fined by FinCEN, but separately by the Office of the Comptroller of the Currency (OCC) for $2.5 million. In 2014 they were placed under consent order and advised to address certain deficiencies in their compliance program. Overwhelmed the challenges of dealing with identified deficiencies, having been under the microscope of regulators for years, Gibraltar turned to Global RADAR to assist with remediation efforts that included identifying high risk clients and updating the client profiles as part of a Know Your Customer project.
How Global RADAR Solved the Problem
With the implementation of Global RADAR, City National Bank improved their client onboarding process with a fully integrated solution which captured all needed information to comply with CDD and Beneficial Ownership requirements. System functionality included making sure that all CDD questions were asked while comparing the client’s details against sanctions and PEPs lists as well as adverse media. While all operational requirements were met, added system functionality ensured that clients were properly risk rated. With the implementation of Global RADAR, City National Bank’s Compliance Department now has improved capabilities which has resulted in improved account opening processes, ensuring operational efficiencies are aligned with operational and regulatory requirements.
At City National, we needed a solution to streamline the process of onboarding clients, risk-rating them, and screening against sanctions and adverse media lists. Our old methods requirement re-working and we knew this wasn’t sustainable in the long run. We chose Global RADAR because they provided an application that combined all of these systems into a single, efficient solution. We couldn’t be more pleased with the results.
Albert Sanchez
Head of Deposit and Loan Operations
City National Bank Head of Compliance
City National Bank Head of Compliance
The Result
Global RADAR assisted City National Bank in integrating and improving their client onboarding process ensuring customer due diligence, enhanced due diligence and beneficial ownership requirements were met. Through our comprehensive client onboarding application, bank customer details are obtained and clients are automatically risk-rated and screened against all relevant sanctions lists complete with custom Google searches for documentation. Powered by Global RADAR, City National Bank now utilizes an integrated platform that has improved the account opening process while complying with operational and regulatory requirements and is confident in meeting the challenges ahead that will allow them to continue to be one of the top banks in the region.
Read about how Gibraltar Private Bank & Trust implemented Global RADAR as part of their plan to address their remediation efforts.
Other Case Studies
Gibraltar Case Study
Read about how Gibraltar Private Bank & Trust implemented Global RADAR as part of their plan to address their remediation efforts.
About us
We make it easier to open accounts in a secure digital environment while ensuring compliance with global regulatory requirements and leverage sophisticated analytics to ensure suitability of clients profiles.
Contact us