Strategic KYC remediation program to eliminate Anti-Money Laundering (AML) risk identified by regulators post an audit of the clients’ KYC due diligence process
Challenges
  • Key risks and concerns identified by the regulators post an audit of the banks’ due diligence process
  • Lack of a global due diligence review policy and no defined periodic renewals process
  • Execute a large scale remediation program to bridge gaps in client account data and documentation
eClerx Markets Solution
  • Deployed 1 PM and 4 senior consultants in NY supported by 13 AML analysts in India
  • Assessed and made recommendations on banks’ AML policies and procedures
  • Designed execution checklists and procedures for execution analysts
  • Designed due diligence guidance for the bank
  • Performed gap analysis across ~1,750 accounts. Secondary review performed onshore
  • Gap analysis reports published to the RMs. Collaborated with RMs to source missing data/ documents
  • Setup a helpdesk for queries/ escalations.
  • Reviewed and uploaded data/ docs to bridge gaps
  • Published reports to monitor status and open risks
Results

Successfully remediated 1,750 accounts within 3 months while minimizing program cost by leveraging hybrid staffing model

Enabled measurement of data issues/ trends leveraging metrics

Helped develop a policy roadmap for periodic account reviews