A major wholesale and retail bank with global reach had deficiencies it is AML governance framework along with its KYC operations.
A major wholesale and retail bank with global reach.
The firm identified deficiencies it is AML governance framework along with its KYC operations.
Lysis worked with board members and senior management to review the firms processes and controls from an AML perspective. They also produced and developed new policies and procedures from an AML perspective, covering client on-boarding/off-boarding and KYC, Trade Finance, Treasury Services, Politically Exposed Persons as well as sanctions.Lysis further established a Financial Crime Escalation Committee which provided governance around AML and financial crime at a board and senior management level. Lysis successfully implemented the FATCA including policies, procedures and training and engineered the structure of the new KYC department as well as providing on-going Know Your Customer (KYC) and quality assurance (QA) support.
The outcome consisted of a fully documented AML and KYC governance framework and enhanced policies and procedures that were designed to suit the needs of the business as well as to ensure on-going compliance to the U.K. regulations. Also, on-boarding efficiencies were maximised by applying the agreed procedures. Lysis left the client with an efficient and dynamic KYC department that were able to meet the demands of the business.