A major global bank approached Lysis to assist them with the implementation of a remedial programme o enable the client to meet their regulatory obligations arising from an FSA-imposed deadline.
Corporate, Wholesale and Investment Bank
KYC Remediation
- Implementation of a remediation programme to enable the client to meet their regulatory obligations arising from an FSA-imposed deadline.
- The client had a portfolio of 15,000 clients comprising of various client types (including Corporate, Banks, Hedge Funds, Fund Managers etc.) which were in a wide geographical area and mostly classified as medium risk.
- There was a specific timeframe of 17 months.
- Lysis and the client agreed on the remediation standards that were applied and the creation of process documentation and training material that were required.
- Lysis trained and deployed 120 resources which were split between on-shore (15) and off-shore (105) to re-paper and uplifted each client in the portfolio in accordance with the approved anti-money laundering (AML) governance standards.
- Lysis also deployed a bespoke workflow tool to manage the process, control case management for the team and provided Management Information (MI).
- Developed a detailed capacity plans and monthly targets and managed the process within those parameters to ensure deadlines were met.
- The client's existing on-boarding team were able to focus on core business-as-usual (BAU)AML activities.
- The previously un-reviewed client portfolio was uplifted to the approved AML governance standard which meant that the client's regulatory obligations were fully met.
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