Process Adherence Support with OFAC Checks for US-Based Global Investment Manager

  • >2,000+

    cases of due diligence

  • 25%

    reduction in turnaround time

  • 55%

    operational cost savings

  • 100%

    timelines achieved

  • 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
  • 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
  • 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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