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.
Payment Services & Card/ Merchant Acquirers
Financial Crime Framework Review and Enhancement
The client asked Lysis to assist them in ensuring that their UK/EU subsidiary based in the UK is aligned with UK and EU regulatory requirements. This included establishing an Anti-Money Laundering (AML) framework which consisted of drafting applicable AML and Counter Terrorism Financing (CTF) policy, drafting a Sanctions policy, drafting a transaction monitoring procedure and delivering the financial crime (FC) governance framework. The FC governance framework consisted of a risk appetite statement, and associated metrics, and their Management Information (MI) reporting process and the governance structure to facilitate effective decisions. Lysis was also asked to conduct a financial crime risk assessment (FCRA) which identified the inherent AML/CTF and Sanctions risks and recommended proportionate controls needed to mitigate these risks.
The level and the quality of professional services provided by Lysis met and exceeded the client's expectations. As a result, Lysis was appointed to further assists the client throughout the period of growth which included the design of the readiness roadmap for the launch of their product, in the UK and then EU. Three high-level requirements were delivered successfully during this project, and these included:
- The development and design of an effective and proportionate FC (AML) framework.
- The development and design of the FC governance structure. Setting up sustainable MI processes and conducting a financial crime risk assessment.
- The delivering of the high level FCRA which recommended proportionate FC controls.
One of the largest US-based Tech commercial banks needed to build out their offshore capabilities in support of their London operation. This included candidate selection, AML/KYC training, coaching on early cases and then QA of their work. This produced a team of fully trained KYC analysts and a newly established offshore capability.
A major global FTSE-100 financial services firm had one month to shape, scope and plan a 60-project programme of work in response to a Section 166 Skilled Persons Report requested by the Financial Conduct Authority (FCA). The firm also had to deliver all 60 projects over a twelve-month period with sub-deliveries due each month.
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).
