Following a review from the Financial Conduct Authority (FCA) in 2021, and a subsequent letter from the regulator, the client had to address a number of gaps that were identified by the regulator.
Payment Services & Card/ Merchant Acquirers
Financial Crime Framework Review and Enhancement
A UK-based alternative banking and payment platform that offers innovative pay-tech solutions to global clients.
Lysis worked closely with the client in preparing the letter of response to the regulator highlighting priorities and commitments linked to specific timelines which was detailed in a roadmap. Lysis also delivered a number of activities including the high-level design of a robust financial crime framework, rewrote their policies and procedures, uplifted the client's risk assessment and their financial crime governance structure, improved their Know Your Customer (KYC) processes and uplifted the Suspicious Activity Reporting (SAR) procedures. Last but certainly not least, Lysis also assisted with the drafting of the client's MLRO reports.
A major wholesale and investment bank with global reach was placed under a Section 166 order regarding their KYC and AML controls.
A crypto asset firm domiciled in the US asked Lysis to support the firm's financial crime framework and policy creation for transaction monitoring across the UK, US, and for the rest of the firm's global customer base to improved risk management, quality and increased operational efficiency.
A crypto asset business, a subsidiary of a US Nasdaq-listed company requested assistance with the process to obtain FCA registration. Lysis provided the client with a highly experienced MLRO and compliance team who worked with senior management to implement required controls and processes. The client was successful in obtaining FCA registration.
