A major credit card company with global reach using the Lysis anti-money laundering (AML) managed services to carry out all their Know Your Customer (KYC) and Client Lifecycle Management (CLM) requirements.
The client required the design and implementation of a bespoke iteration of the iMeta client on-boarding and lifecycle management system to meet specific business needs and requirements which underpinned the CLM & KYC managed service.
Lysis also had to work with the client and Encompass, a KYC automation technology provider to enter into a detailed Proof of Concept (POC) to test how the software can reduce cost and increase efficiencies in relation to KYC and CLM processing.
Lysis worked with the client to map-out and understand the AML policy in order to translate it into a workable workflow and helped to design matrices to assist in creating an accurate architecture which resulted in rules-based risk ratings.
Lysis also worked with the client and the software provider to produce a detailed and accurate functional specification document which specified the requirements and the components of the CLM system. The system was developed and tested to ensure that it met the client’s requirements and developed the integration of the final solution into our servers. Lysis successfully deployed the finalised iMeta solution to carry out the needs and requirements relating to client on-boarding, KYC remediation and on-going monitoring.
Lysis worked with Encompass to replicate the client’s KYC policy into the Encompass workflow and built an API between iMeta and Encompass to ensure a holistic approach to the KYC processing and the CLM controls. This was followed by a pilot test of reviewing 500 legal entities through two work streams – current process v. Encompass and Lysis produced a detailed report for the client which detailed results of the POC.
The client had a robust and efficient award-winning KYC and CLM managed service which was underpinned by iMeta technology, and an independent trial using expert KYC personnel to test and report the effectiveness of Encompass.