A major wholesale and retail bank with global reach had deficiencies it is AML governance framework and consequently with its KYC operations.
Corporate, Wholesale and Investment Banking
Financial Crime Framework Review and Enhancement
The London operations of a major wholesale and retail bank with global reach.
The firm was under pressure from the UK FCA to plan and execute a programme of work to fix the deficiencies.
Lysis worked with board members and senior management to review the firm's processes and controls from an AML perspective.
We then developed new policies and procedures covering client on-boarding/off-boarding, KYC, sanctions, PEP screening and transaction monitoring across Trade Finance, Treasury Services, FX and Money Markets and Securities Trading. A programme of training and embedding ensure that the new policies and procedures were implemented successfully.
Lysis advised the Board on the establishment and operation of a Financial Crime Escalation Committee to provide governance around AML and financial crime at a board and senior management level.
Lysis successfully implemented the incoming FATCA regulations for the firm, including policies, procedures and training.
Lysis provided a team to remediate all AML/KYC files to the new policies and procedures.
Finally we worked with the bank to re-engineer the KYC department as well as providing on-going Know Your Customer (KYC) and quality assurance (QA) support.
A UK-crypto asset subsidiary of a Nasdaq-listed firm in the U.S. has a requirement to review their anti-money laundering (AML) policy framework and idetify possible gaps in line with FCA requirements.
Our client had identified a tranche of several thousand corporate and retail customers for which they wished to remediate the Know Your Customer (KYC) data held and to re-assess whether the interactions with the retail customers were compatible with Responsible Gambling requirements.
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
