A major global bank approached Lysis to assist them with the implementation of a remedial programme o enable the client to meet their regulatory obligations arising from an FSA-imposed deadline.
Corporate, Wholesale and Investment Bank
KYC Remediation
- 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.
- 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.
- 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.
An international payment company with offices in major European hubs outsourced KYC service provision was unsatisfactory. A significantly enhanced and more effective capability was developed by Lysis.
A U.K. based broker dealer required assistance with the management of their Financial Conduct Authority (FCA) issued Section 166 remediation notice.
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.
