A major European wholesale and investment bank with global reach was put under a Section 166 order due to regulatory concerns regarding their KYC and AML controls.
Corporate, Wholesale and Investment Banking
KYC Remediation
A major European wholesale and investment bank.
Lysis worked with the bank's AML operation steam to provide the following services:
- Mobilised 55KYC Subject Matter Experts (SME's) and embedded an operational and management structure to work according to the client's demands.
- The team was based in Lysis' AML Operations Centre in London.
- The service included remediation of all KYC and due diligence records, screening for sanctions, Politically Exposed Persons (PEP's) and adverse media and enhanced due diligence as needed.
- DetailedManagement Information (MI) and progress reporting were provided on a regular basis.
- Lysis remediated thousands of high, medium, and low risk cases.
- They Supplied the management and team resources to cover all KYC remediation.
- Lysis managed the pipeline and volume/throughput and was responsible for quality management, process improvement and metrics/MI.
- Lysis successfully worked with the client to pass the regulatory Section 166 review and completed thousands of KYC reviews in line with regulatory deadlines. On the successful completion of the project, the bank returned to a normal supervisory regime.
- Lysis also trained 30 bank personnel in Frankfurt and 120 in Poland to support the bank's post-remediation operating model.
- In 2021 Lysis was asked at short notice to take on the job of BAU screening following the failure of the previous supplier. We stood up a team of 10 in three weeks and ran the function until it transferred to Poland in 2022.
A successful regulatory turnaround for a UK EMI and crypto firm, restoring FCA permissions and avoiding administration under new leadership.
A crypto asset custodian based in the U.K. with global reach approached Lysis with the request to assist them with the process to obtain registration from the FCA which would enable them to operate in the UK market as a crypto asset business. Due to the holding company’s strong global footprint, part of the FCA requirements for registration included the need for a UK based money laundering reporting officer (MLRO).
A crypto asset business, a subsidiary of a US Nasdaq-listed company requested assistance with the process to obtain FCA registration. Lysis provided the client with a highly experienced MLRO and compliance team who worked with senior management to implement required controls and processes. The client was successful in obtaining FCA registration.
