The UK Compliance/KYC division of a global investment bank.
Issues that we helped identify
The client requested us to provide assistance with clearing a backlog of “Know Your Client” (KYC) background checking exercises within its on-boarding team.
The project consists of the following activities:
- KYC investigations and research as set forth by the Investment Bank’s KYC process/protocol document
- Quality assurance process and 2nd review checks
- Provisions for reporting and any other required MIS
- KYC foreign language skills for review of foreign account documentation
How did we help our client?
- Deployed a team of eleven consultants on-site with various KYC and language skills within 2 days of client’s instruction
- Qualitative analysis: end to end external verification and review of all legal documentation to identify gaps in the organisation’s requirements
- Investigation: obtain KYC requirement documentation and ensure efficient processing of information in central KYC repository. Investigating any gaps to identify documents and information required
- Reporting: produce weekly detailed analysis of volumes as well as reporting of new and closed accounts. High risk items prioritised
How did the project benefit our client?
- Review of all KYC Records with accuracy / completeness / compliance in accordance with AML policy
- Backlog of pending accounts was cleared within the project’s required timeframe which allowed new business turnaround times to be reduced to acceptable levels
Project Time and Resource
We initially deployed eleven consultants, which was then gradually reduced to six, on-site for a period of at least 4 months. Project was extended past the four month end date.