Banking Partner Review/ Retention for a Global Merchant Acquirer

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.

Division
Consulting & Advisory
Industry

Payment Services & Card/ Merchant Acquirers

Service-line

The Client

Global Card Services Operator and Merchant Acquirer

The Challenge

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.

The Solution

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:

  • Restructuring of compliance governance to be an effective second line of defence, independent of business heads.
  • Implementation of more effective transaction monitoring processes and systems.
  • Stronger liaison with the firm's banking partners so that the effectiveness of other parts of the compliance operation was more obvious.

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.

Results
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