A major European wholesale and investment bank with global reach asked for help meeting customer classification requirements.
Corporate, Wholesale and Investment Banking
Classification/ MiFID/ MICA
The firm operated in all the major global financial markets and was therefore required to classify customer sophistication according to each local classification regime. Equivalence between regimes was difficult to establish making it necessary to classify customers multiple times if they did business with the bank in multiple locations. The firm also had many cross-border trading activities with U.S. customers which required adherence to the U.S. 15A6 reporting requirements.
Lysis worked with global and local compliance to define equivalence between the different classification regimes including EU MiFID classification, US II and MII classification, Singapore, Hong Kong and other far eastern regimes. Lysis created a classification and equivalence model and implemented this on global on-boarding and customer management systems. This was then used to control the distribution of research to customers and the trading investment activities they could under-take. Furthermore, 15A6 reporting was also enforced for in-scope trades with U.S. customers.
Lysis designed and implemented a compliance monitoring framework for a UK-regulated EMI. The aim of the framework was to ensure ongoing compliance with the Electronic Money Regulations 2011 (EMRs), including with the Money Laundering Regulations 2017 (MLRs).
A global wholesale and investment bank needing client on-boarding and AML Support
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.
