CLIENT

 

The institutional client division of one of the top five global banks.

BUSINESS CHALLENGES

 

  • To address identified anti-money laundering (AML)-compliance deficiencies, which had an impact on business, and any other irregularities as highlighted in the Office of the Comptroller of the Currency (OCC) consent order
  • To facilitate the roll out of the revised KYC due diligence process/ Customer Acceptance Forms

OUR APPROACH

 

  • Engaged in a consulting engagement to:
    • Define the demographics affected by lines of business and geographies
    • Outline the prevalent gaps in data collection during onboarding and within the customer due diligence process
    • Develop the remediation process and client reach-out strategy for missing information
    • Collaborate with the bank in defining the future state of the customer due diligence process   
  • Successfully ran the remediation program for about 250,000+ institutional customers across multiple jurisdictions
    • Established a common operations framework across products and client types
    • Executed the program in a managed services mode out of the client’s offices due to data privacy norms

VALUE DELIVERED

 

  • Tested successfully in an audit by the regulator
  • Enabled the client to meet the regulator’s timelines for KYC remediation of its customers
  • Established an effective customer due diligence program for the client for its ongoing operations
  • Created job aids by work type and product type, along with detailed departmental control checklists and process control checklists