-
>2,000+
cases of due diligence
-
25%
reduction in turnaround time
-
55%
operational cost savings
-
100%
timelines achieved
CLIENT CHALLENGES
- A large US-based investment manager needed support to meet a KYC remediation deadline for its clients
- The client wanted to ensure that all client information was accurate and current
- It intended to split the tasks with a service provider to meet the deadline, as it faced a skill shortage
OUR APPROACH
- Engaged in white boarding to identify processes that can be securely handled offshore and ascertained the team size and skills required
- Handled all due-diligence tasks involving a search on public sources, names, and background, including:
- Checks on prospective and current clients by conducting searches on OFAC and FinCEN websites
- PEP screening
- Periodic review of customers for any possible OFAC hits
- OFAC reporting support immediate and annual reporting support
IMPACT DELIVERED
- Managed due diligence of more than 2,000 cases
- Reduced turnaround time by 25% in completing the KYC remediation process, as the team handled the client’s due diligence in parallel
- Saved 55% in costs, as the client did not need to hire a team for this engagement
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