Integrating a specialist KYC team to ensure critical regulatory compliance

With a deadline looming our large financial services client needed expert support to keep its business on the right side of regulators

Big Tick

60 analysts onboarded, in place and hitting targets within a month.

Big Tick

40% of the total case load completed by our analysts.

Big Tick

500% increase in daily case completions generated by our analysts.

Challange

The regulatory spotlight is shining brightly on the know your customer (KYC) function. Financial institutions are facing reputational damage and hefty sanctions if their anti-money laundering (AML) due diligence isn’t up to scratch.

In this environment, it was vital our investment banking client did not miss a KYC deadline set by the regulators. But it had identified a huge number of at risk files to work through. With time ticking the pressure was on to remediate more than 3,000 cases, both to avoid potential fines and to make sure it didn’t lose the custom of clients who complied with regulatory standards.

We had to quickly bring together a large specialist KYC team with the right skills for the job and swiftly train them so they could begin this critical task as soon as possible.

Challange

Solution

Our deep pool of expert consultants, alongside our ability to recruit new talent and our robust governance approach, enabled us to answer the call and create a team ready to rise to the challenge.

In just one month we onboarded 60 new analysts at the investment bank. This included putting them through a training programme, designed and delivered by our team leads, that got them up to speed with the project and all aspects of AML due diligence. Overseen and managed by an experienced Programme Director, we also introduced and managed monthly targets that helped us keep a tight grip on progress and avoid a late rush to the final deadline.

The expertise and agility of our analysts enabled them to take ownership of each case, efficiently processing them from start to finish. They had the flexibility to seamlessly move between KYC roles, from client outreach to maker and checker, and the knowhow to identify and uncork bottlenecks. Meaning they could use their skills at the point of greatest need, supporting other parts of the team and preventing delays to the year-long project.

Solution

Result

Within weeks of starting the team were achieving their monthly targets and contributing to our client hitting their interim regulatory deadline. This boost to their capabilities is reflected in a range of tangible results, including:

  • 500% increase in the number of daily completions in the final month of the project.
  • 15% higher case completion rates than the inhouse team.
  • 40% of the total KYC case remediation target completed by our team.
  • 15 consultants able to move between maker and checker roles.
  • Going beyond KYC to assist the growth of the business by completing new client adoptions.

With this intensive support, our client was able to carry out its critical AML duties without letting its high quality service to customers slip.

Result

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Celia Johnson

Associate Partner

Celia Johnson

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Adam Kelly

Managing Partner

Adam Kelly