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Context

Since 1871, our client is one of the leading players in the private banking sector in Belgium. As part of the NBB's anti-money laundering (AML) follow-up, had to reinforce its procedures and conduct a complete review of all these clients (47,000) in 2 years

Objectives

  • Analyze in-depth the clients through the KYC processes in order to check the reliability of the information provided.
  • Monitor movements through the KYT (Know Your Transaction) processes on the accounts to detect potential atypical transactions.
  • Resume and document clearly the context and the global risk of each client.
  • Provide a critical point of view following the analysis performed. Reassess the level of risk of clients

 

Our Approach

  • Observe the current working environment, the internal procedures and the expected outcomes
  • Learn the processes and manage the given resources such as IT tools
  • Build a diversified team with  several levels of expertise
  • Identify issues and gaps such as time management, stress management, lack of structure, lack of coherence or weak internal communication
  • Reinforce the skills and knowledge of the persons working on the project through AML  and tax fraud training
  • Organize the work by implementing new procedures and providing new support documents: KYC and KYT checklists for natural persons and legal entities
  • Coach and advise the new team members by giving them both an overview and specific details about the mission
  • Improve the compliance strategy of the client, the Private Banking, by implementing change and communication plans inside the organization

 

Results

  • Process, workflows and problems clearly understood
  • Business requirements are integrated and goals are listed
  • Roles and responsibilities are redefined by the Process and Governance
  • The implementation of the solution is designed for a long-term strategy by the team
  • Assess the risk of customers more appropriately and continue the best practices in money laundering