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.
Our client was looking at options for the location of new Level 2 teams to support retail customers with affordability and suitability issues.
A major wholesale and investment bank with global reach was placed under a Section 166 order regarding their KYC and AML controls.
A global bank, following a substantial cross-boarder banking merger, had two separate KYC/AML firms, policies, & IT infrastructures and need help with the harmonisation process.
