A UK-based online bank that provided multicurrency accounts for cross-border European transactions. The client wanted to enhance their customer on-boarding experiences and improve their CLM process.
Corporate, Wholesale and Investment Banking
CLM Process Efficiency
Lysis successfully compiled road maps and designed effective, bespoke processes in three main areas:
1 - improving the customer on-boarding experience,
2 - enhancing on-going transaction monitoring and
3 - streamlining the off-boarding process.
The on-boarding experience included creating/uplifting the following elements: a pre-on-boarding assessment, a KYC questionnaire, an Ultimate Beneficial Owner check, screening, defining a Quality Assurance process, and finally, creating an escalation process. All these elements were linked with a robust AML/CTF framework. The on-going transaction monitoring process was refined by reviewing rules that drive the amount of hits, as well as the process for KYC refresh. Finally, the off-boarding process was streamlined which reduced touch points and resulted in a more efficient and standardised process.
A significant reduction in on-boarding time with less friction points, improved overall customer on-boarding experience, and an efficient and standardised end-to-end CLM process.
A London based financial institution with global reach asked Lysis to perform a review of their AML governance framework.
Our client had acquired a business from a competitor and had c.50-60 Payment Programme Managers and their programmes to on-board. They asked Lysis to supply a team of experts to do this work.
The merger of two global investment banks required the implementation of a single client onboarding firm structure and alignment of systems and procedure to a single global policy.
