Corporate and Counterparty KYC Remediation and Golden Data Source Creation for a Global Inter-dealer Broker
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.
A large global broker with inter-dealer broking, corporate and retail broking brands, several of which had been acquired over the previous few years
The Challenge
The client wished to bring the customer data and the management of AML compliance across these multiple brands together in a single system under a single centre-of-excellence team.
The Solution
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.
Results
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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).
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