Changing regulations and looming deadlines can put financial institutions in a tough spot. Outsourcing AML compliance programs is a simple solution that has the added benefit of lowering costs. KYC Refresh is a resource intensive task requiring a lot of experienced manpower to efficiently conduct the program.
2. Challenge:
Client:
Objectives:
Critical and material information related to each
customer’s profile (i.e., Identity, beneficial
ownership, source of wealth, and account/activity
purpose) had to be collected.
Additionally, the bank was dealing with highly
demanding time frames, due to regulatory
mandates and monetary constraints. Their lack of
an in-house compliance program meant that
documentation was lacking, and no effective
investigations were conducted.
A large multinational consumer, corporate and
institutional bank required compliance reviews
for approximately 7,000 clients. Customers
came from varied backgrounds and profiles
ranged from low-risk, low value to high-risk,
high value. They faced a dearth of information
excepting basic information collected during
onboarding.
The tall order set forth by the Bank was to:
• Meet regulatory deadlines with high accuracy rates
• Ease budgetary constraints through an efficient KYC program
• Reduce requests to customers for additional information, which may affect the relationship adversely
ALLSEC leveraged regulatory compliance expertise and made
recommendations in support of a process re-design which:
Streamlined
information requests to
client relationship
managers.
Enabled innovative
information gathering
processes and provided
new alternative data
sources.
Re-aligned residual
processes and procedures.
Additionally, the Bank
appointed ALLSEC as
designated oversight and
contact.
3. As result – The bank noted several marked
improvements including:
Speed and efficiency of
receipt of material
client information
Completed conducted
reviews
Relationships with the
customer relationship
managers
Commendations were received
from the Bank, which noted:
• ALLSEC’s “hard work and
quality.”
• ALLSEC’s “flexibility” as
to the Bank’s needs and
requirements, which
were constantly
changing in response to
regulator feedback and
demands.
Allsec is a publicly traded Carlyle portfolio company with extensive AML Outsourcing experience. Our
workforce of 3000+ employees across centers in US, India and Philippines service some of the largest
companies in the world, across various industries and verticals.
For more information:
Visit our website: www.allsectech.com OR Email: info@allsectech.com
