Financial crime risks remain during the COVID-19 pandemic and we know that criminals may look to take advantage of, and benefit from, any new perceived weaknesses in financial systems
With this in mind, regulators have stated that they will not accept any deficiencies in the compliance with regulation when it comes to addressing financial crime risk and the execution of proper operational controls, putting further pressure on you and your critical ‘business as usual’ processes.
We understand the strain that COVID-19 could put on your business. With an increase in demand, it’s likely that you’ll be required to divert resources to other critical front-line priorities. We’re on hand to help you to continue fighting financial crime whilst remaining compliant and keeping your business moving forward.
During this period your operation capacity might be limited. You may have a high number of people who are sick or self isolating. Perhaps a key component of your financial crime operations is in a jurisdiction that doesn’t have the infrastructure required to work remotely. We recognise that you may be struggling to manage the number of alerts generated from transaction monitoring or meet a KYC business as usual or remediation targets or deadlines.
Your on-boarding process may slow down and lead to a suboptimal customer experience.This could lead to early customer switching and loss of revenue. Customer satisfaction is key to retaining existing customers and attracting new customers. Our subject matter experts are ready to help you maintain your revenue during this uncertain time.
We are continuing to support our clients through our proven remote working model and are consistently producing high quality deliverables. Our team can mobilise quickly and effectively and we always maintain a pool of experienced AML/KYC people that we can deploy immediately. Our teams can be scaled up or down depending on your needs, giving them full flexibility over their projects. We’re on hand to support you with client onboarding, ongoing and periodic reviews and the investigation of transaction monitoring and screening alerts.
Client outreach is an area that can be particularly challenging to navigate. We can help you to create and deliver targeted and bespoke client outreach programmes for regulatory document requirements, with a potential increased response rate due to the fact that clients are more readily contactable while working from home.
Challenge: Our client, a leading offshore bank, needed help reviewing 2000 accounts following new AML legislation to remain compliant with regulators.
How we helped: We deployed a team of 36 AML experts who performed outreach, transaction review, screening and completion of customer files. The team provided robust governance and information and reporting for the client’s management team.
Outcome: We remediated 2,000 accounts in quickly and efficiently, exceeding production and quality targets leading to more work with the client. We delivered a quality product within established timeframes and the bank’s Relationship Directors were able to continue with their BAU work, confident their key fund clients were being suitably addressed.