Our client had a requirement to review and update its AML Framework to take account of the Fifth Money Laundering Directive and also some changes in its business model.
Payment Services & Card/ Merchant Acquirers
Global Card Services Operator and Merchant Acquirer
Our client had a requirement to review and update its AML Framework to take account of the Fifth Money Laundering Directive and also some changes in its business model.
Lysis conducted a review of the firm's AML Governance and Compliance capabilities and then authored changes to the framework and policy and procedure documents in order to ensure they met the new requirements and were fit for purpose for the evolving business model. We then worked with the firm to embed the new processes and controls including setting up a new European Risk Committee and defining its membership and terms of reference.
Our client had identified a tranche of several thousand corporate and retail customers for which they wished to remediate the Know Your Customer (KYC) data held and to re-assess whether the interactions with the retail customers were compatible with Responsible Gambling requirements.
An international payment company with offices in major European hubs outsourced KYC service provision was unsatisfactory. A significantly enhanced and more effective capability was developed by Lysis.
A significant UK and US corporate bank with questions around the quality of the firm’s AML capabilities and customer files
