Customer: A major Global Custodian & Investment Fund Services Bank
Category: Banking
Status: Completed
Tags: KYC/AML, Banking, Finance
Project Description
A consulting or consultancy firm is a business of one or more experts (consultants) that provides professional advice to an individual or an organization for a fee. Consultancy firms target company executives and provide them with consultants, also known as industry-specific specialists and subject-matter experts.
Our client is a major global Custodian and Investment fund services bank. Their investment and treasury services are based in Luxembourg, also the headquarters of Gibbs Hybrid’s KYC/AML office.
The project, which is ongoing, is to remediate the bank’s anti-money laundering (KYC) entity files for its investment fund clients (made up of mainly UCITS & AIFs which include SPVs, Trusts and Complex entity Structures) to meet a regulatory deadline set by the CSSF, Luxembourg’s financial regulator. We are capturing the AML risks according to specifications requested by CSSF. The bank’s incumbent professional services firm was unable to meet deadlines set by the bank, or the CSSF specifications, and so the client turned to Gibbs Hybrid.
What We Did
To carry out this project we are overseeing a team of 20 multi-lingual professionals, with skill-sets ranging from law, finance, risk and compliance, to address the issue in both Luxembourg and Dublin.
This is a highly experienced group, spanning 12 nationalities, tasked with analysing and reporting on the AML risk to our client bank. We developed and modelled the risk matrix tool the team uses, and we also designed the client assessment model suitable for presentation to regulators and the client’s management committee.
Our team has been able to integrate with the client’s processes, including an integration with the bank’s existing Fenergo deployment. We are currently processing country of domicile, ownership structure, legal entity, screening results and portfolio analysis on approximately 1300 highly complex files, with an average throughput of 10/15 files a week. This is, of course, an ongoing process, as the risk profile of the Bank’s clients changes in ownership, domicile, and other dimensions.
