A major bank with two major trading entities wished to decrease time-to-trade processing overheads for new customers and for new products for existing customers.
Corporate, Wholesale and Investment Bank
KYC Remediation
Lysis used a series of semi-automated tools to identify common customers across multiple different databases and created a clean customer record. The tools also flagged incomplete records or those requiring remediation according to specific risk-based criteria. Lysis analysts then remediated the customer records to ensure that the customer and AML compliance data was complete and up-to-date before loading the customers into the firm's Reuters GoldTier. Lysis assisted the client by creating clean customer records and also applied specific risk-based criteria during the remediation process to establish a golden source of customer data.
Our client had been advised that their AML provisions were not up to the required standard and wished to remedy this before regulatory sanctions were imposed.
Following a review from the Financial Conduct Authority (FCA) in 2021, and a subsequent letter from the regulator, the client had to address a number of gaps that were identified by the regulator.
A major estate agency had a need to establish a Know Your Customer (KYC) function which was able to scale and undertake a remediation exercise to meet new regulatory requirements (i. e. , 4MLD) and to build out a business as usual (BAU) function to service ongoing requirements.
