A major Egyptian bank with UK operations had a requirement to identify possible AML and CTF gaps and suggested improvements.
Corporate, Wholesale and Investment Banking
Financial Crime Framework Review and Enhancement
A maturity assessment was conducted, and a remediation roadmap was produced to map the recommended activities that the bank should engage with. The roadmap was risk-based and shows a suggested priority for the actions. The maturity assessment process had been used as the basis for the development of a six-month resourcing plan. This identified the high-level actions that the bank will implement to further embed the management of risk across the bank and deepen its level of maturity, whilst specifically identifying improvements in systems, controls, policies, processes, and people. Lysis took a risk-based approach to the prioritisation of actions which included both regulatory compliance and significant operational risk weaknesses.
Lysis also provided a permanent executive resource with extensive regulatory experience to oversee the delivery of all the workstreams and regularly liaised with senior management of the bank to provide programme feedback. Specifically, Lysis assisted the client in the following areas:
- Capability and awareness
- Governance and oversight
- Risk appetite and tolerance ratios
- Analysis and reporting
- Assessment and controls
- Information management
- Organisational performance
Although the client is based in the US, they have European subsidiaries which include the UK and therefore required Financial Conduct Authority (FCA) registration. In order to obtain registration as a crypto asset firm in the U.K. they had to comply with specific FCA requirements.
A large U.S. based end-to-end human resources management firm and Lysis delivered a solution for the newly established UK/EU subsidiary which forms part of the SEC regulated entity.
A global securities house asked for help enhancing and streamlining its client on-boarding and AML TM capability and to off-shore certain parts of its AML processing.
