A global securities house asked for help enhancing and streamlining its client on-boarding and AML TM capability and to off-shore certain parts of its AML processing.
A global US securities house.
The bank wished to enhance and streamline its client on-boarding processes, enhance its AML transaction monitoring capability and off-shore certain parts of its AML processing. The scope of this was specifically for the core Capital Markets business, Private Clients, Commodities, Futures and Corporate Banking.At the same time, the bank had to implement major regulatory changes including MiFID and the FSA risk-based approach.
A core team was established which focussed on client On-boarding and account opening, including resolving client and trader queries relating to the account opening process, legal documentation, relevant regulatory requirements, and other queries.Know Your Client (KYC) checks including sanctions and PEP (Politically Exposed Person) checks and AML transaction monitoring and exception management. Furthermore, the solution included the Identification and remediation of client files that did not meet the minimum acceptable standards.The team then off-shored parts of the processing to lower-cost locations and trained the relevant personnel and managed the implementation of MiFID and the regulator’s risk-based approach to money laundering and financial crime prevention.The team also developed and rolled-out an enhanced review process for the New York office based on the London process but considered the complex Federal and State AML regulations in the USA.
A significantly enhanced and more effective AML capability.