One of our client's banks has flagged areas of our client's Ant-Money Laundering (AML) Governance and Compliance operation as a potential cause for concern. Our client asked Lysis to perform an independent review for them to establish if anything was genuinely wrong.
Payment Services & Card/ Merchant Acquirers
Global Card Services Operator and Merchant Acquirer
One of our client's banks flagged areas of our client's Anti-Money Laundering (AML) Governance and Compliance operation as a potential cause for concern. There was a danger our client would be de-banked. Our client asked Lysis to perform an independent review for them to establish if anything was genuinely wrong, including discussing the issues with the bank in question to determine precisely what their concerns were.
Lysis conducted a review of the firm's AML Governance and Compliance capabilities and authored a report of recommendations which was presented to the European board.
The recommendations included:
Our client then asked Lysis to work with them to implement the changes above, including liaising with the bank to make sure they were happy with the new arrangements. Lysis was also asked to take over the transaction monitoring operation on an on-going basis.
Our client had a requirement to review and update its AML Framework to take account of the Fifth Money Laundering Directive and also some changes in its business model.
Our client was applying for Payment Services permissions from the Central Bank of Ireland and required support in defining and documenting the Governance and Compliance framework.
A global bank, following a substantial cross-boarder banking merger, had two separate KYC/AML firms, policies, & IT infrastructures and need help with the harmonisation process.
