The firm had a surge in hits from screening and on-going monitoring in relation to Politically Exposed Persons (PEP's), sanctions and adverse media monitoring. This needed to be dealt with swiftly and under the constraints of the COVID-19 lockdown.
The Solution
Lysis created a secure screening and on-going monitoring managed service, based in our City of London Operations Centre and including home working during COVID-19.
- The team was deployed and trained rapidly over a period of three weeks and in full production within a month.
- The service used the bank's screening tools to screen legal entities and individuals against all global watch lists, sanction lists and PEP lists, as well as screening for adverse media in bulk and individually.
- Dedicated Subject Matter Experts (SME's) then managed the alerts including white-listing, false positive management and identification of true positives.
- The SME's managed escalation of true positives to the client and the agreement and execution of any mitigating actions, including raising suspicious activity reports (SAR's) as required.
Results
A robust and effective screening and on-going monitoring managed service was provided, which enabled the client to meet is regulatory obligations and deal with the surge in hits. The team was gradually scaled down as the volume of hits subsided.
Ready to chat about how we can help you? Get in touch today!
A major bank with two major trading entities wished to decrease time-to-trade processing overheads for new customers and for new products for existing customers.
One of our client's banks has flagged areas of our client's Ant-Money Laundering (AML) Governance and Compliance operation as a potential cause for concern. Our client asked Lysis to perform an independent review for them to establish if anything was genuinely wrong.
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.