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.
A US corporate bank in the UK needing BAU On-boarding resources
Our client was in the middle of an extensive regulatory remediation for the Central Bank of Ireland and the remediation.
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.