Our client is a large financial institution headquartered in North America and provides a full range of products and services for large pools of investment assets and services clients in more than 100 markets.
In a recent regulatory order, the Bank was told to revamp its compliance programs after deficiencies were found in relation to internal controls, customer due diligence and transaction monitoring. The Bank operated with a traditional KYC structure in place i.e. with each business unit and jurisdiction having its own onboarding teams, KYC and compliance teams and data teams.
In an effort to find a better way to manage compliance for the Group, our Client undertook a dramatic transformational project to radically restructure its compliance program and ensure the highest level of control over its KYC compliance processes. They decided to adopt a hub-and-spoke operational model by establishing three core teams of KYC compliance units to serve 17+ business units across different jurisdictions.
To read more about this Internal KYC Shared Services Model, please download the case study below.