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Placing team of 70 and transitioning it into a permanent AML function

Key achievements

  • ​Successful migration of our client’s AML- KYC operations function to Dublin
  • Placement of a 70-person team transitioning it into a permanent AML function
  • Improving KYC completion rates by implementing a robust operational structure

Challenge

Our client, a multinational Fund Administrator and Fund Service business, needed to rapidly scale up its Anti-Money Laundering (AML) team to meet the demands of a KYC Remediation Program to uplift the investor accounts for a large asset manager and key Transfer Agency client.

Due to regulatory changes KYC profile of circa 8200 accounts needed to be reviewed/ uplifted. They also wanted to develop a more effective team to handle business-as-usual AML tasks maintaining the highest standards in an ongoing manner.

The client’s current team in Luxembourg was struggling to deliver on the looming deadlines of the remediation project and provide the reliable service the business/client needed. Critically, the squeeze on AML talent in the location was making it difficult to retain and replace staff, and build the capacity and expertise to cope with a growing workload.

Solution

Our depth of AML expertise enabled us to quickly carry out a review of their current capabilities and assess how they could enhance them. We recommended a relocation to Dublin, where they could take advantage of the extensive local financial services talent.

We then provided them with a handpicked team of consultants so they could hit the ground running and meet their pressing regulatory obligations. To guarantee ongoing compliance, our goal was to create an effective in-house team by transitioning Albany Beck’s consultants into permanent members of staff with our client.

This objective was supported by a training and development programme for team members in close collaboration with the client through our on-the-ground engagement managers.

Results

A successful relocation of our client’s AML function to Dublin where they have access to a deeper talent pool.

Putting in place a 70-person team of consultants to meet pressing KYC remediation deadlines, managing the migration of TA AML-KYC operations function from Luxembourg to Dublin achieving a seamless transition of work; identifying gaps and implementing process improvement in screening and operational MI; collaborating with internal stakeholder for the improvement of the KYC procedures and guidelines; assisting the Governance and oversight function in Luxembourg from its inception, collaborating on monthly governance reporting and meeting and implement a monthly QA process; supporting the internalization process of Albany Beck employees transitioning it into a permanent AML -KYC function within the client.

Based on their experience and operational knowledge our senior managers structured the team to mirror the external stakeholder's team from an APAC and EMEA perspective to ensure alignment, effective communication, workload and SLA management, timely reporting, escalation management, problem-solving and increasing transparency and external stakeholder engagement which has extremely positive results in terms of overall progress rates as well as client satisfaction ( both internal and external).

Key to the success of the project was the development of an excellent working relationship with the team in Luxembourg working as ONE team as well as continuously building and strengthening the relationship with the external client.

We also added management reporting to the operation offering and streamlined the reporting process in place reducing the risk of manual errors and time spent gathering data.

Our client was so impressed by the success of this project that they asked us to transition 60% of the team into their permanent AML function which was higher than initially anticipated.

We structured this transition for them and managed the process to give them a full AML team with the expertise and resources to address our client’s ongoing AML needs, giving them certainty that they will always be ahead of the regulatory curve.