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.
Payment Services & Card/ Merchant Acquirers
Financial Crime Framework Review and Enhancement
The existing KYC service provider did not perform per expectations. The activity was outsourced; the KYC team left complicated reviews unfinished; the client had difficulties to identify and to speak with accountable individuals. They were looking for a reliable and experienced company for the AML managed service. The new provider had to deal with the challenge of delivering KYC for various markets (UK, France, Italy and Spain) and there was a requirement for long-term support for the MLRO in France. In next steps, the client wished to implement an automated transaction monitoring process.
Lysis put together a KYC team with sufficient experience to manage the on-boarding and to refresh this for all required jurisdictions. The client's AML framework was strengthened by setting up the right processes, newly written policies, and procedures. Lysis Academy delivered obligatory AML trainings to the client's staff and the role of MLRO support for the Paris office was provided. Furthermore, AML transaction monitoring process was tested over the course of three months and then successfully implemented for the client.
A significantly enhanced and more effective AML capability was developed for the client. The whole AML framework was in order - up to date policies and procedures, KYC capabilities was delivered on time and stored in the system for the required timeframe, functional escalations model, all staff were trained, and an efficient transaction monitoring process was implemented.
A successful regulatory turnaround for a UK EMI and crypto firm, restoring FCA permissions and avoiding administration under new leadership.
Our client had a requirement to review and update its AML Framework to take account of the Fifth Money Laundering Directive and also some changes in its business model.
A major wholesale and retail bank with global reach had deficiencies it is AML governance framework and consequently with its KYC operations.
