Regulated financial service companies, estate agents and law firms have a legal and regulatory obligation to continuously screen and monitor various aspects of their business. These include their clients, related controlling parties and beneficial owners. However, screening and monitoring against anti-money laundering (AML) activities, domestic and international sanction, embargoes and Politically Exposed Persons (PEP) lists as well as for adverse media can be a very time consuming and costly.
This process also relies on expensive software and professional expertise. Furthermore, global anti-money laundering activities have increased expediently over the last couple of decades with the United Nations Office on Drugs and Crime (UNODC) indicating that the estimated global amount of money laundering in a single year can include anything from $800 billion to $2 trillion.
Industry leading expertise
This is where the Lysis Group can make a real difference by providing a managed service for initial screening and on-going monitoring requirements. All our staff are experienced in AML, Know Your Client (KYC) and other financial crime requirements. Lysis offers a totally secure data and personnel environment which enables us to provide cost-effective, expert analysts to carry out the daily monitoring of the controls relating to regulatory screening. This will protect your business from reputational, legal and regulatory perspectives.
Using industry leading software partners, Lysis can screen legal entities and individuals against all global watch lists, sanction lists and PEP lists as well as for adverse media, either in bulk or individually. 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 required.
Any positive hits will be escalated to the client in an agreed format and timeline, but all discounted and positive hits will go through a rigorous quality assurance review. To add to clients’ peace of mind, screening can be carried out as often as required, including daily, weekly or monthly batch screening. All entities and individuals will be screened automatically as soon as an international watch list or sanction list is updated.
The Lysis Group gives new meaning to bespoke managed services
If your organisation is looking for a cost-effective way to manage their screening and monitoring requirements, then look no further. Lysis also provides analysts with vast experience and a thorough understanding of AML and financial crime controls within the financial services industry as well as other regulated industries.
This totally secure managed service offering from Lysis reduces operational risk and managerial/resource requirements. This is because the service is managed by AML and financial crime specialists with over 15 years’ experience in the field. Equally important is the fact that the cost of expensive screening and on-going monitoring software is reduced dramatically, all within a totally secure IT and data environment.
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