Our client wished to outsource the Client On-Boarding and AML Operations for its merchant acquiring business in Europe, replacing their current major global outsourcing partner.
Payment Services & Card/ Merchant Acquirers
Global Card Services Operator and Merchant Acquirer
Our client wished to outsource the Client On-Boarding and AML Operations for its merchant acquiring business in Europe, replacing their current major global outsourcing partner.
Lysis set up the operation including on-boarding and compliance specialists across first and second lines of defence. We also worked with technology partners to establish the operating framework and system support for our client including CLM workflow, AML rules, screening systems and data and a transaction monitoring platform. We ran the operation for five years, on-boarding all European merchants and keeping them under regulatory review, before handing the operation over to our client to run themselves.
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.
A major wholesale and retail bank with global reach had deficiencies it is AML governance framework and consequently with its KYC operations.
A major Egyptian bank with UK operations had a requirement to identify possible AML and CTF gaps and suggested improvements.
