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.
Corporate, Wholesale and Investment Banking
Financial Crime Framework Review and Enhancement
Post-merger, the bank had two separate Anti-Money Laundering (AML) / Know Your Client (KYC) firms, policies, and IT infrastructures. These needed to be harmonised as part of bank integration. Also, post-integration, a streamlined, efficient, and common KYC policy was required, and this had to be implemented across 40 core locations globally, taking into account local requirements and those of three leading regulators.
Lysis delivered harmonised global minimum standards and local country uplift KYC policies and procedures to meet the requirements of the FSA, a European National Bank, the Federal Reserve, and the local regulators in each of 40 core locations worldwide. They also implemented the global minimum standards and local country uplifts on the global KYC platform.
Two global banks merged and Lysis was asked to manage the integration of the KYC Operations functions globally for the wholesale & Investment Banking division covering 200,000 customers and 65 countries.
A major bank with two major trading entities wished to decrease time-to-trade processing overheads for new customers and for new products for existing customers.
A U.K. based broker dealer required assistance with the management of their Financial Conduct Authority (FCA) issued Section 166 remediation notice.
