A UK-based specialist bank that is primarily a specialist mortgage lender to retail clients. The bank also provides both small business and personal finance. They needed assitance to ensure that their new and exisiting client books comply with AML regulations.
A UK-based specialist bank that is primarily a specialist mortgage lender to retail clients. The bank also provides both small business and personal finance.
The client acquired another Financial Conduct Authority (FCA) regulated bank to expand their footprint and by doing this, they also grew their client base. However, due to acquiring a client base that was not in compliance with the AML Regulations, the client was required to address and mitigate the areas of non-compliance immediately.
The client asked Lysis to firstly demonstrate their ability to effectively assist the client by analysing a sample of clients and this request was extended to another firm as well. Lysis exceeded the client’s expectation and was asked to come onboard. Lysis specifically assisted the client with the screening of their clients against sanction lists and to identify and screen potential Politically Exposed Persons (PEP’s). In addition, Lysis also assisted the client with transaction monitoring and compiled a detailed programme which stipulated all the processes and controls needed to assess and monitor their business and client risks effectively, in line with best practice. During the sampling process, Lysis also uncovered some FCA breaches, and it was agreed with the client that these would be reported to the FCA immediately to mitigate the risk of being fined or enduring reputational damage.
Lysis successfully helped the client to establish effective screening and customer due diligence remediation programmes that included a discovery process where gaps were highlighted, and recommendations were made on how to remediate specific deficiencies. This included the implementation of effective project management systems on how to categorise clients according to low, medium, and high risks. The client also used three different screening systems, one of which was new to the client. Lysis gained an in-depth understanding of this system and trained their analysts on how to utilise the screening system effectively. Lysis also established a solid relationship with the client where they could reach out for any future assistance.
A major wholesale and investment bank with global reach was placed under a Section 166 order regarding their KYC and AML controls.
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.
One of the largest US-based Tech commercial banks needed to build out their offshore capabilities in support of their London operation. This included candidate selection, AML/KYC training, coaching on early cases and then QA of their work. This produced a team of fully trained KYC analysts and a newly established offshore capability.
