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.
Although the client is based in the US, they have European subsidiaries which include the UK and therefore required Financial Conduct Authority (FCA) registration. In order to obtain registration as a crypto asset firm in the U.K. they had to comply with specific FCA requirements.
A significant UK and US corporate bank with questions around the quality of the firm’s AML capabilities and customer files
The incoming Head of Compliance at our customer identified that Client Monies were not being managed as per regulation and this therefore required an immediate remediation.
