Our managed service offering is fully configured to suit firms' individual risk appetites and operational controls and is perfectly adaptable to meet firms’policy requirements in a dovetailed manner. The combination of market leading technology and our flagship managed service offering explain why Lysis Group has been awarded the prestigious RegTech (Regulatory Technology) award for Best Alliance Between Solutions Partners to Address Regulatory Compliance in 2017.
Lysis also has extensive experience insetting up and running on-going monitoring services. We have teams with advanced market knowledge and experience and a great understanding of the current vendor/technology market. Through the utilisation of cutting-edge technology,we can assist a number of different Financial Institutions (“FI”) including large Payment Service Providers (“PSP”) and investment firms by running effective Anti- Money Laundering (“AML”) screening and monitoring services. We also have the ability to guide or set up the appropriate systems for firms and offer a range of different technologies based on the firm’s location, their nature of business and volumes that need to be screened.
Optimising screeningand monitoring efforts
Lysis utilises an Artificial Intelligence (“AI”)enabled specialist platform which can be configured per client specifications.We can therefore, screen legal entities and individuals against all globa lwatch lists, sanction lists and Politically Exposed Persons (“PEP’s”) lists, as well as for adverse media, where batch screening or one-off searches are required.
With our significant experience in running On-going Monitoring (“OM”) services, there are key components that ensure an optimal OM service. This includes, but is not limited to choosing the right tool based on the firm’s nature of business, the size/volumes that must be screened and the appropriate market risks.Furthermore, firms must have a comprehensive understanding of which screening lists must be used in various jurisdictions and the regulations that are applicable in these different jurisdictions.
To further ensure that screening and monitoring efforts are optimised, firms must execute threshold testing. Once the system is set up, it needs to be run and analysed to make sure that the thresholds are appropriately and accurately set up. These thresholds must also be reviewed annually in line with the AML/compliance review cycle to ensure ongoing compliance.
This is because we often find that clients’ existing screening and monitoring tools are not efficient and no longer in keeping with the nature and size of the firm’s business. In addition,thresholds are often not set appropriately which can result in significant deficiencies. Lysis can assist firms to optimise their screening processes and to reduce associated backlogs by ensuring that firms utilise appropriate screening lists and tools.
Access to expert resources
Our ability to provide instant expert resourcing and cutting-edge technology gives us the advantage to rapidly set up OM services for firms to manage any screening backlogs. Our specialist staff will review all potential hits and thoroughly document whether there are any true or false hits. All false hits will be documented with a detailed explanation, recording the reason for discounting, and will be reported to the client as-and-when agreed. Any positive hits will be escalated to the client in an agreed format and timeline, but discounted and positive hits will go through a rigorous quality assurance review as per the agreed process with the client. We pride ourselves on our personnel because our teams are carefully selected using advanced techniques and benchmarks and are fully trained, tested, and certified. These team members are highly specialised and experienced with our senior staff having more than 15 years’experience in running complex operations.