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Case Studies
Global Retail and Investment Bank
– Current State Assessment
Primary review response
To assess the current state, scale and capability of the bank’s existing AML operations and processes across all lines of business, with the objective of informing the design of the target operating model.
Global Retail and Investment Bank
– Current State Assessment
Primary review response
To assess the current state, scale and capability of the bank’s existing AML operations and processes across all lines of business, with the objective of informing the design of the target operating model.
Scope and size of review
The review addressed the end to end AML lifecycle and the key elements of the operating model – Strategy and Risk Appetite, Governance and Compliance, Analytics MI and Reporting, People and Operations, Policies and Procedures, Systems and Technology, Data Definition and Quality.
Key Outcomes Achieved
- A clear view of where the bank was positioned in terms of compliance with legal and regulatory requirements and market price;
- An understanding of the scale and capability of its existing AML systems and processes.
- Identification of key issues to be addressed on a tactical and/or strategic basis.
- Developed a roadmap and recommendations to address issues identified.
Scope and size of review
We tested the ability of the banks customer and payment screening solutions to produce alerts on names of sanctioned individuals, entities, vessels and aircrafts and their aliases from the below regulator lists
⦁ OFAC Specially Designated National List (SDN)
⦁ OFAC Foreign Sanctions Evaders list (FSE)
⦁ HMT Consolidated List
⦁ USA Patriot Act 311 List
Key outcomes achieved
We investigated each of the under-performing areas and put forward recommendations to address the gaps identified. We also partnered with a third party AML Solution vendor to implement a new AML solution for the end client.