The client is incorporated in Ireland as an Irish Collective Asset-management Vehicle (ICAV). The client is an American investment fund which specialises in lending large amounts of money to various entities ranging from listed entities to unregulated entities based in the USA.
Investment and Asset Management
Client On-Boarding and AML Managed Services
The client needed a seasoned and specialised financial crime (FC) compliance firm to conduct Anti-Money Laundering (AML) assessments on their entities which the client lends money to.
Lysis assists the client with this requirement under the Irish legislation which is the Criminal Justice (Money Laundering and Terrorist Financing) Act of 2010 because the client is incorporated and regulated in Ireland and Ireland forms part of the European Union (EU). The ongoing service offering includes end-to-end Know Your Customer (KYC) operations which is managed by Lysis' secure Cape Town-based operating centre. The set of entities that the client does business with is complex because some of the client's borrowers are unregulated entities which are based in the US with affiliations to high-risk jurisdictions and others are New York Stock Exchange (NYSE) listed entities. As with many listed entities, this client also conducts business with Politically Exposed People (PEP's) who are often associated with listed business entities. However, being identified as a PEP does not necessarily mean that they are involved with illicit activities but, as part of the AML framework requirements, conducting enhanced due diligence is required for high-risk entities.
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.
Our client had a requirement to train some experienced operational staff in AML
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.
