Client Case Study

The client

Our client is a subsidiary of a European commercial bank located in south East Asia. The local organisation has undergone significant change in recent years.

The challenge

Based on observations from management at local, regional and head office level a local audit firm is asked to do a risk assessment on AML/CFT across the organisation.

Upon completion of the assessment i-KYC is to assess the recommendations, support the implementation, ensure that root causes are addressed and perform quality assurance on the project.

During the project the 3LoD model needs to be implemented and changes need to be carried through in a sustainable way; behavior and culture throughout the organisation need to change.

Our approach

While the risk assessment was in progress, i-KYC acted as an advisor to the client, familiarized with the organisation and prepared for the implementation phase.

Upon delivery of the risk assessment report i-KYC took over, focusing on:

  • Translation of the recommendations into concrete actions
  • Assessing recommendations’ impact on BAU
  • Quality assurance of the implementation
  • Stakeholder management
  • Project timelines and deliverables
  • Hands-on support to the teams responsible for the implementation
  • Aftercare

At the start, the project was considered to be owned by the Compliance Team. i-KYC made the project plan together with the local team and defined work streams in accordance with the 3 Lines of Defense model. As a result the majority of actions were allocated to the 1st line of defense, with an oversight role for a dedicated Steering Committee.

The result

The project plan had a 4 month timeframe followed by a month of aftercare and quality assurance. All milestones were delivered on time and to requirement. All operational AML/CFT processes were repaired and improved, an MLRO dashboard was introduced and the governance around management of exceptions, issues and backlogs was implemented. During the project root causes were addressed and all staff across the organization involved in AML/CFT processes received instructions and training on the new way of working.

The organization now has the required procedures and controls in the AML/CFT environment, while several steps for further developing the 3 LoD model were defined and a CDD file remediation plan was delivered. 

  • Business Integrity Solutions

    All of our work for you shares a common objective – a focus on the business benefits of KYC with your client at the centre of your business.

  • AML Training

    Effective AML training of your ‘first line of defense’ is critical to preventing your organisation from becoming unwitting facilitators of financial crime.

  • Are you in control?

    How exposed is your organisation to money laundering and terrorism financing risks? Take our five-minute RISK SCAN teaser here to find out. 

  • Money Laundering Challenge

    Can you think like a criminal and succesfully launder dirty money? To start the challenge and test your skills click here.