In order to satisfy the Regulator, our client, an international Private Bank, required a periodic risk review of their customer base, to be completed within nine months. With no available in-house resource, they needed to partner with a specialist to implement a team to deliver this.
We supplied a fixed price team to review over 5,000 high net worth, high risk individuals, many from high risk jurisdictions.
The team included:
1 Programme Manager,
3 Quality Assurance Leads,
and 9 Anti-Money Laundering (AML) / Know Your Customer (KYC) Analysts.
The review included transaction and adverse media analysis; a review of assets encompassing hedge funds, mutual funds, SPVs/SPEs and bearer shares; wealth generation/source of funds analysis; and PEP reviews. Our Quality Assurance Leads provided 100% oversight.
The team hit the ground running within just two weeks with the review completed in nine months, to budget.
The work was signed off by the bank at board level, and the regulator’s requirements were fully satisfied.
The client saved 29% versus the next competitive quote.
Hydrogen was retained to establish a delivery framework for a global remote booking project; to data cleanse in preparation for a new onboarding system; and to create and rollout a new Data Policy Framework.