A European bank’s AML/CFT controls were under scrutiny by US, UK and European regulators.
Having assisted the bank to enhance policies, procedures and governance arrangements, the client asked our experts’ assistance in the remediation of over 10,000 client files (across corporates, non-banking financial institutions and individuals), over a period of c. 18 months.
Our experts’ support to the bank involved the development of customer risk assessment methodologies and tools, the design of methodologies for the assessment and remediation of files (across a variety of customer types and risk levels and including quality assurance (QA)) and the development of a capacity planning and management tool, to optimise the deployment of remediation resources across groups of clients.
For the client, our experts established a fully-outsourced customer due diligence remediation operation of c.60 experienced remediation resources overseen and managed by Team Leaders.
A rigorous approach and training of remediation resources enables our experts to complete files to high quality standards on first pass and minimise then number of enhancements required following QA.
Delivery ahead of deadlines and high-quality standards was instrumental to enabling the client to fulfil commitments to its regulators and Monitors and therefore mitigate the consequences of enforcement action.
Throughout the engagement, our experts were praised by the client for our deep expertise, availability of senior management throughout the engagement and strong programme management approach.
