Lysis was approached to assist a large privately owned bank in the Caribbean region, which provides services to numerous clients from the surrounding islands, in compiling a plan which includes an initial review process and how specific areas of concerns will be remediated. This bank is regulated by the Central Bank and has been under observation for a number of years.

During this time, the Central Bank has highlighted several areas that had to be improved by the bank to remain compliant. In the most recent correspondence from the Central Bank, there was a request to provide a clear plan of remediation for several topics, including transaction monitoring. Lysis is, therefore, driving the review process and the way in which this plan is structured in response to the Central Bank’s request by collaborating with the client’s senior management.

It is critical for the bank to comply with the regulator’s request to provide a comprehensive and realistic plan of action and detail how they will be moving forward within specific timeframes linked to this plan. The alternative is the risk of non-compliance and potential, substantial fines from the Central Bank. In addition, there is a risk of losing the relationship with a major corresponding bank in the US. This could result in a significant loss of revenue and a negative connotation to the bank’s reputation.

Lysis will produce, in collaboration with the bank, a remediation plan with specific timelines focusing on transaction monitoring and linked to other areas which support transaction monitoring including overall governance and the broader financial crime and compliance framework.

To support the remediation plan, Lysis will also produce a report with recommendations and areas of improvement. The plan will cover priority actions to be completed in Q1-Q2 of 2023 and longer-term actions to be completed in Q3-Q4 of 2023 and 2024. A summarised version of the review will also be shared with the Central Bank.

Furthermore, Lysis will continue to support the bank in their communication with the Central Bank and prepare the required reports with the aim to build-up confidence that the bank can deliver on their commitments to the Central Bank and demonstrate the engagement of senior management of the bank and their willingness to implement best practice.

Lysis continues to support financial service institutions including wholesale and investment banks, payment services and cards, wealth managers, challenger banks and firms from a range of other regulated industries, plus crypto asset firms to ensure that they become and remain compliant, no matter the size, jurisdiction, or operational complexity.

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