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
