Operations & Resourcing

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Corporate, Wholesale and Investment Bank

KYC Remediation for a global corporate and wholesale bank

A major global bank needing a data clean-up post banking system implementation

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The Client

A major global bank

The Challenge

The firm had implemented the Fenergo banking system which led to a data clean-up requirement and the opportunity was also taken to upgrade 10,000s of KYC files on financial institutions, corporates and market counterparties.

The Solution

Lysis worked with the bank’s AML compliance and AML operations teams to provide the following services:

  • Mobilised 15KYC Subject Matter Experts (SMEs) to support BAU operations for on-boarding and refresh and for the remediation project while the bank staff focused on the new system.
  • Deployed 5compliance officers in the Compliance function to QA both remediation and data clean-up.
  • The service included remediation of all KYC and due diligence records, screening for sanctions, Politically Exposed Persons (PEP’s) and adverse media and enhanced due diligence as needed.
  • Lysis was responsible for quality management, process improvement and metrics/MI.
  • In addition, Lysis trained new bank staff and also two Big 4 teams prior to a mass-remediation of low risk customers.
Results
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