A large U.S. based end-to-end human resources management firm and Lysis delivered a solution for the newly established UK/EU subsidiary which forms part of the SEC regulated entity.
Payment Services & Card/ Merchant Acquirers
Financial Crime Framework Review and Enhancement
The client asked Lysis to assist them in ensuring that their UK/EU subsidiary based in the UK is aligned with UK and EU regulatory requirements. This included establishing an Anti-Money Laundering (AML) framework which consisted of drafting applicable AML and Counter Terrorism Financing (CTF) policy, drafting a Sanctions policy, drafting a transaction monitoring procedure and delivering the financial crime (FC) governance framework. The FC governance framework consisted of a risk appetite statement, and associated metrics, and their Management Information (MI) reporting process and the governance structure to facilitate effective decisions. Lysis was also asked to conduct a financial crime risk assessment (FCRA) which identified the inherent AML/CTF and Sanctions risks and recommended proportionate controls needed to mitigate these risks.
The level and the quality of professional services provided by Lysis met and exceeded the client's expectations. As a result, Lysis was appointed to further assists the client throughout the period of growth which included the design of the readiness roadmap for the launch of their product, in the UK and then EU. Three high-level requirements were delivered successfully during this project, and these included:
- The development and design of an effective and proportionate FC (AML) framework.
- The development and design of the FC governance structure. Setting up sustainable MI processes and conducting a financial crime risk assessment.
- The delivering of the high level FCRA which recommended proportionate FC controls.
A major European wholesale and investment bank with global reach was put under a Section 166 order due to regulatory concerns regarding their KYC and AML controls.
A crypto asset firm domiciled in the US asked Lysis to support the firm's financial crime framework and policy creation for transaction monitoring across the UK, US, and for the rest of the firm's global customer base to improved risk management, quality and increased operational efficiency.
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.
