A UK-crypto asset subsidiary of a Nasdaq-listed firm in the U.S. has a requirement to review their anti-money laundering (AML) policy framework and idetify possible gaps in line with FCA requirements.
Crypto & Digital Assets
UK-crypto asset subsidiary of a Nasdaq-listed firm in the United States.
This called for a health check which consists of a high-level review of the design of a firm’s FC framework to identify problem areas.
Lysis reviewed the client’s policy framework and made recommendations for uplifting the policies based on identified gaps. From a content perspective, this included a review to determine if the policies are documented and aligned with the firm’s standards across all the business sectors.Testing of the controls can only take place once all the policy recommendations were embedded into the client’s policy framework. Ineffective policies by design will result in ineffective implementation and this will impact the testing of controls negatively.
Lysis provided the client with a detailed report that contained the findings of the review. The report helped the firm to conduct a gap analysis against their current approach to AML and current regulatory requirements which allowed the firm to gain a detailed and independent understanding of its AML governance framework.
Our client had a large backlog of increasingly old transaction alerts that potential indicated suspicious activity and required reporting.
Our client had implemented a new transaction monitoring system and wished to ensure that the previous two years' transactions had been monitored effectively.
Programme management, target operating model design and global policy development to enable a Fenergo implementation at a major wholesale and investment bank. Lysis Group successfully assisted a global investment bank to design and implement a target operating model in preparation for the implementation of Fenergo.
