Banking & Insurance
KYC Process improvement and change project
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
