Risk comes from not understanding what you're doing

70% of the criminal money that is laundered every year passes through the financial sector

Compliance Operations - The AML Engine Room

AML incidents rarely occur in Board Rooms, they happen in the field. Investing in Compliance Operations – a ‘First Line of Defence’ responsibility – is therefore sound risk management.

Customer due diligence and transaction monitoring are rigorous investigative disciplines. They require fact-finding and analytical expertise as well as an ability to correctly interpret evidence and make informed judgement calls. This research is best executed by qualified analysts in an environment that is supported by fit-for-purpose tooling & systems and efficient (quality assurance) processes.

With their Compliance Operations practitioners and specialists i-KYC can support you in setting up and optimising this mission-critical activity.

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Lose money for the firm and I will be understanding.

Lose a shred of its reputation and I will be ruthless.

Warren Buffet

Re-papering, Remediation, Look-Backs

From time to time, a change in AML rules or a regulatory finding may trigger an extra review of your customer files or transaction history. This unanticipated activity often leads to capacity constraints in Compliance Operations.

Let i-KYC offer temporary support and relief by providing experienced project leadership and/or by seconding our trained KYC analysts, thereby minimising the disruption of your ‘business as usual’ customer activities.

With enough courage, you can probably do without a reputation

Systematic Integrity Risk Assessment

Perhaps stating the obvious: banking is a risk-taking business and integrity risk is no different than other risks you deal with. Sound risk management dictates that these risks need to be identified, assessed in terms of the likelihood of them materialising and their impact if they do. Sensible risk mitigation measures will establish the residual risk and allow you to determine a commensurate reward.

A Systematic Integrity Risk Assessment (SIRA) is a rigorous, time consuming exercise that will yield significant strategic and tactical benefits for the firm if done well. To reap the full benefits it should be a collective effort involving all business stakeholders and be updated on a regular basis. Comprehensive stakeholder engagement in the SIRA is essential to create a platform to debate whether integrity risk has been properly identified and can be managed within the agreed parameters.

i-KYC’s integrity risk experts have significant hands-on business experience and can guide you through the steps of the SIRA to put your organisation on a robust business integrity footing.

Integrity Risk Scan

With the benefit of providing a fresh expert perspective, i-KYC can look at your AML processes, procedures and data to evaluate them against the current industry requirements and your current policies.

Taking into account the recommendations of various industry groups and regulators, we have created a unique approach that will provide you with not only an assessment of the quality of your current data, but also will evaluate:

  • The current files against your requirements for completeness and their accessibility
  • Internal controls
  • Escalation processes and procedures
  • Impact on banking secrecy and data secrecy laws
  • Co-ordination between KYC processes and procedures and transaction filtering and monitoring

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

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Learning Management

A Learning Management Solution (LMS) is a sensible investment for organisations who take their staff learning seriously. The system’s ability to host e-learning programmes, efficiently register, collect and store learning data, launch learning needs questionnaires and produce comprehensive learning gap-analyses means you are in charge of the programme, and not the other way around. A LMS can be used to manage the entire professional learning plan for your staff, making it a very useful component of your overall strategic HR programme.


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