Expedited Client KYC Refresh for Global FinTech
Applicable Functions
- Procurement
About The Customer
The customer is a global FinTech company that was facing regulatory scrutiny due to insufficient KYC files. The company was required to remediate all customer files that required Enhanced Due Diligence within a short timeframe to continue transacting with a specific set of clients. The company's existing sanctions and negative news screening solution was found to be providing incomplete coverage. The company needed both subject matter experts and technology solutions to address this issue and meet the increased file requirements within the stipulated deadlines.
The Challenge
A global FinTech company was facing regulatory scrutiny due to insufficient Know Your Customer (KYC) files. The company was required to remediate all customer files that required Enhanced Due Diligence within a short timeframe to continue transacting with a specific set of clients. The challenge was to accelerate the file review process to meet the increased file requirements within the stipulated deadlines. The company needed both subject matter experts and technology solutions to address this issue. Additionally, the company's existing sanctions and negative news screening solution was found to be providing incomplete coverage, further complicating the situation.
The Solution
Exiger, a global regulatory and financial crime, risk and compliance company, was retained for five months to conduct the Enhanced Due Diligence (EDD) file remediation. This included all customer open-source research analysis and watchlist screening of approximately 20,000 associated parties. Given the sensitive timeline, Exiger quickly deployed a large team and established both process and technology to start reviewing files within days. They completed customer screening to identify negative media and quickly escalated risks that may be outside of the client’s risk appetite. Exiger also provided regular, detailed Management Information (MI) to report on the project process to key internal stakeholders, which assisted in discussions with the regulator.
Operational Impact
Quantitative Benefit
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