Compliance Monitoring for an EMI

Lysis designed and implemented a compliance monitoring framework for a UK-regulated EMI. The aim of the framework was to ensure ongoing compliance with the Electronic Money Regulations 2011 (EMRs), including with the Money Laundering Regulations 2017 (MLRs).

Division
Operations & Resourcing
Industry

Payment Services & Card/ Merchant Acquirers

Service-line

The Client

A newly FCA regulated EMI in the UK

The Challenge

The EMI had just been authorised by the FCA and now needed to ensure its Compliance Monitoring Framework was fully embedded and operational.

The Solution

Lysis had assisted the firm to design and document its Compliance Monitoring Framework during the authorisation process.  The aim of the framework was to ensure ongoing compliance with the Electronic Money Regulations 2011 (EMRs), including with the Money Laundering Regulations 2017 (MLRs) and the relevant industry standards and internal policies.

Lysis then developed a post-authorisation roll-out plan to ensure that the framework was operational across the firm:

• We trained relevant staff in their obligations under the plan.  Staff obligations included ensuring the effective of real-time and periodic checks to detect non-compliance issues as they arise.  The scope included areas like anti-money laundering (AML), data protection (e.g. GDPR), financial reporting, licensing and employee conduct.

• We supported our client to set up the relevant governance and reporting for compliance monitoring.

• We helped the firm to implement appropriate systems and manual processes and provided interim staff to resource the work while our client recruited.

We then conducted an initial review of how effectively the controls and monitoring were operating.

Subsequently we provided some of the monitoring services via a managed service arrangement, including client on-boarding and refresh and AML transaction monitoring and screening.

We also provided an MLRO support service.

Results
Ready to chat about how we can help you?
Get in touch today!
Get in Touch
Other Case Studies
Browse Case Studies
Consulting & Advisory
Post Go-Live Fine-tuning of Fenergo
Corporate, Wholesale and Investment Banking

Efficiency improvements post-go-live at a global securities house to remove bottlenecks and restore operating efficiency after a Fenergo implementation. Lysis supported a global wholesale and investment bank during its Fenergo implementation and then worked alongside the bank to streamline the post go-live operating and processing model

Operations & Resourcing
AML Governance Review and Remediation for U.K. Branch of a major Asian bank
Corporate, Wholesale and Investment Banking

A U.K. Branch of a major Asian bank needed an in-depth review and enhancement of their AML governance framework. Lysis conducted a success review and drafted all required policies & procedures, and established a KYC Target Operating model.

Innovation, Authorisations & Banking Solutions
Financial Crime Governance Framework design for a Crypto Asset firm
Crypto & Digital Assets

A new to market crypto asset business domiciled in Ireland received a regulatory requirement from the Central Bank of Ireland to design and embed a financial crime, AML/CTF, governance framework.