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City National Bank Case Study

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.

City National Bank needed an improved client onboarding solution which would allow for the effective and automated completion of Customer Due Diligence (CDD) and Know Your Customer (KYC) application.  City National Bank identified that an effective solution would need to include automated risk-rating, adverse media review/ google reviews and watch list/PEP list screening. Current processes were segmented and did not interact with each other.  Some procedures were manual and required paper based documentation.  City National Bank identified that current processes would not be sustainable in the long run. They needed to improve and streamline all account opening processes. To accomplish this City National Bank turned to Global RADAR.

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

 

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 other case studies

Read about how Global RADAR helped EFG Capital find the best solution to revamp their transaction surveillance and documentation.

Read about how Gibraltar Private Bank & Trust implemented Global RADAR as part of their plan to address their remediation efforts.

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