A large-scale KYC relocation for a leading investment bank

We supported this global investment bank to move its critical KYC team from Amsterdam to Dublin

Big Tick

New location identified and operations seamlessly transferred

Big Tick

More than 50 consultants rapidly deployed to accelerate the project

Big Tick

An enhanced service, offering better insights and more effective remediation reviews

Challenge

Our client’s ‘know your customer’ (KYC) function wasn’t working efficiently or effectively due to local market challenges such as attrition and cost of labour. Not only was this costing them time and money, it meant they weren’t getting the accurate, up-to-date customer data every bank needs – both to ensure compliance and support informed decisions about the business’s direction.

On top of this, the bank was about to embark on a significant KYC remediation programme across its territories, involving pressing deadlines for several institutional investors and blue-chip clients.

The bank needed to put itself in the best place to quickly build a team capable of delivering that programme, as well as long-term KYC effectiveness. Relocating the team was vital to success.

Challenge

Solution

Speed and cost efficiency were important, but so was making sure the new location gave the bank access to the skills it needed.

We laid the groundwork for a successful move by assessing whether Dublin was the right location for the new function. Having agreed the new location, we worked closely with our client to develop the relocation plan and put everything into action to ensure our team was ready to hit the ground running.

Thanks to our deep KYC expertise we were able to deliver a seamless transition in the short term while building out the organisational structure that the bank required to ensure the function would continue to deliver success for the long term.

Solution

Results

We had a fully-functioning Dublin-based KYC team up and running in good time to meet vital remediation deadlines.

Through our initial skills audit we were able to identify and fill the skills gaps that were holding the bank back, quickly building the expert team they needed to set their remediation project up for success. Onboarding over 50 consultants as seamlessly as possible and minimising disruption for the client.

With our overarching focus on diversity, we gave the bank a highly diverse team, committed to delivering this project for them. Providing the diversity of background, experience and thought needed to tackle a challenge like this. What’s more, with the opportunity for consultants to move into permanent positions after six months, this knowledge is being retained by the bank to help them continue to grow their internal KYC capability for the future.

Results

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Phillip Wood

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Phillip Wood