Our client wished to outsource the Client On-Boarding and AML Operations for its merchant acquiring business in Europe, replacing their current major global outsourcing partner.
Payment Services & Card/ Merchant Acquirers
Global Card Services Operator and Merchant Acquirer
Our client wished to outsource the Client On-Boarding and AML Operations for its merchant acquiring business in Europe, replacing their current major global outsourcing partner.
Lysis set up the operation including on-boarding and compliance specialists across first and second lines of defence. We also worked with technology partners to establish the operating framework and system support for our client including CLM workflow, AML rules, screening systems and data and a transaction monitoring platform. We ran the operation for five years, on-boarding all European merchants and keeping them under regulatory review, before handing the operation over to our client to run themselves.
Our client was looking at options for the location of new Level 2 teams to support retail customers with affordability and suitability issues.
Our client had been advised that their AML provisions were not up to the required standard and wished to remedy this before regulatory sanctions were imposed.
Lysis reviewed the exchange’s AML/CTF framework which resulted to a successful maturity assessment review.
