A major European-domiciled Cryptoasset Exchange with global reach required a gap analysis to identify all deficiencies in their Customer Risk Rating Model and a roadmap for improving it.
Crypto & Digital Assets
Financial Crime Framework Review and Enhancement
A major European-domiciled Cryptoasset Exchange with global reach.
The client had a requirement to design a new AML Customer Risk Rating Methodology (RRM) to facilitate the risk assessment of its customers.
Lysis conducted a gap analysis to identify all the deficiencies of the current risk rating methodology. A roadmap was subsequently designed which laid out a plan for implementing the suggested enhancements. The process included an in-depth analysis to demonstrate the various cross-jurisdictional compliance requirements, including the identification and weighting of those risk factors specific to their business and industry. The next step consisted of the testing of a new Customer Risk Rating Methodology on a sample of the client's customers to determine the impact on their Customer AML Risk Rating and thereby ensuring that the results aligned with expectations in terms of the Risk-based Approach. Lastly, Lysis conducted User Acceptance Testing (UAT) of the new AML Customer Risk Rating Methodology.
A prominent security services firm that forms part of a French multinational investment bank and financial services company asked Lysis to assist with the securities/back-office function within the multinational investment bank.
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.
