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Integrating a Specialist KYC Team to Ensure Critical Regulatory Compliance

Key achievements

  • Met regulatory requirements by effectively remediating 1,200 KYC cases.
  • Avoided potential fines associated with non-compliance.
  • Maintained high service standards for existing clients by ensuring uninterrupted service during the remediation process.
  • Contributed to business growth by assisting with new client adoptions.

Challenge

This leading investment bank was facing mounting pressure to remediate a large number of at-risk KYC (Know Your Customer) files before a regulatory deadline. 

With over 3,000 cases requiring attention, the bank needed to act quickly to avoid potential fines and maintain client trust.

Solution

They turned to Albany Beck for help, and we were able to offer a swift and efficient solution:

  • Rapid team formation: We onboarded 60 new analysts within 1 month, and equipped them with a comprehensive AML due diligence training programme.
  • Experienced leadership: An experienced Programme Director led the team, ensuring comprehensive project oversight and managing monthly targets to maintain progress.
  • Flexible expertise: Analysts possessed the agility to seamlessly move between KYC roles, resolving bottlenecks and maximising efficiency.

Results

Within weeks of starting, the new team's impact was clear. They quickly surpassed monthly targets and played a crucial role in helping the client meet their interim regulatory deadline. 

This success translated into several significant achievements. The team achieved a 500% increase in daily completions during the project's final month, exceeding the performance of the in-house team by delivering a 15% higher case completion rate.

They also accomplished a remarkable feat by tackling 1,200 cases, which represented 40% of the total case remediation target.

15 consultants were successfully equipped for both "maker" and "checker" roles, expanding the client's internal capabilities. Ultimately, the team's contributions directly resulted in the client exceeding the interim regulatory deadline and completing new client adoptions, solidifying a successful partnership.

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