Building out offshore capabilities and KYC Remediation

The Client

A major global bank.

The Challenge

• Implementation of a remediation programme to enable the client to meet their regulatory obligations arising from an FSA-imposed deadline.

• The client had a portfolio of 15,000 clients comprising of various client types (including Corporate, Banks, Hedge Funds, Fund Managers etc.) which were in a wide geographical area and mostly classified as medium risk.

• There was a specific timeframe of 17 months.

The Solution

‍

Lysis and the client agreed on the remediation standards that were applied and the creation of process documentation and training material that were required.
Lysis trained and deployed 120 resources which were split between on-shore (15) and off-shore (105) to re-paper and uplifted each client in the portfolio in accordance with the approved anti-money laundering (AML) governance standards.
Lysis also deployed a bespoke workflow tool to manage the process, control case management for the team and provided Management Information (MI).
Developed a detailed capacity plans and monthly targets and managed the process within those parameters to ensure deadlines were met.

Results

• The client’s existing on-boarding team were able to focus on core business-as-usual (BAU)AML activities.

• The previously un-reviewed client portfolio was uplifted to the approved AML governance standard which meant that the client’s regulatory obligations were fully met.

Operations & Resourcing

Offices across the globe.

UK

EU

USA

ASIA

SA