High risk periodic review

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.

Our solution:

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 outcome:

  • 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.