A major wholesale and retail bank with global reach had deficiencies it is AML governance framework and consequently with its KYC operations.
Corporate, Wholesale and Investment Bank
Financial Crime Framework Review and Enhancement
The London operations of a major wholesale and retail bank with global reach.
The firm was under pressure from the UK FCA to plan and execute a programme of work to fix the deficiencies.
Lysis worked with board members and senior management to review the firm's processes and controls from an AML perspective.
We then developed new policies and procedures covering client on-boarding/off-boarding, KYC, sanctions, PEP screening and transaction monitoring across Trade Finance, Treasury Services, FX and Money Markets and Securities Trading. A programme of training and embedding ensure that the new policies and procedures were implemented successfully.
Lysis advised the Board on the establishment and operation of a Financial Crime Escalation Committee to provide governance around AML and financial crime at a board and senior management level.
Lysis successfully implemented the incoming FATCA regulations for the firm, including policies, procedures and training.
Lysis provided a team to remediate all AML/KYC files to the new policies and procedures.
Finally we worked with the bank to re-engineer the KYC department as well as providing on-going Know Your Customer (KYC) and quality assurance (QA) support.
A major wholesale and investment bank with global reach was placed under a Section 166 order regarding their KYC and AML controls.
Our client had a requirement to review and update its AML Framework to take account of the Fifth Money Laundering Directive and also some changes in its business model.
Our client was setting up a new online gaming licensing authority and sought a partner to on-board licensees and to manage the on-going governance and compliance operation.
