Commercial Buildings

Delivering fully
outsourced and secure
KYC operations

The Client 

Is incorporated in Ireland as an Irish Collective Asset-management Vehicle (ICAV). The client is an American investment fund which specialises in lending large amounts of money to various entities ranging from listed entities to unregulated entities based in the USA.

The Challenge 

The client needed a seasoned and specialised fnancial crime (FC) compliance firm to conduct Anti-Money Laundering (AML) assessments on their entities which the client lends  money to.

The Solution 

Lysis assists the client with this requirement under the Irish legislation which is the Criminal
Justice (Money Laundering and Terrorist Financing) Act of 2010 because the client is incorporated and regulated in Ireland and Ireland forms part of the European Union (EU). The ongoing service offering includes end-to-end Know Your Customer (KYC) operations which is managed by Lysis’ secure Cape Town-based operating centre.

The set of entities that the client does business with is complex because some of the client’s
borrowers are unregulated entities which are based in the US with afliations to high-risk jurisdictions and others are New York Stock Exchange (NYSE) listed entities.
As with many listed entities, this client also conducts business with Politically Exposed People (PEP’s) who are often associated with listed business entities. However, being identifed as a PEP does not necessarily mean that they are involved with illicit activities but, as part of the AML framework requirements, conducting enhanced due diligence is required for high-risk entities.

The Outcome

Lysis assisted and will continue to assist the client with the process of delivering a fully
outsourced and secure KYC operational function which meets the expectations of the client. This enables an effective and effcient KYC process where Lysis mitigates the risks on behalf of the client to ensure that their AML and combatting of the financing of terrorism (CTF) risks meet all regulatory compliance obligations.