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Enabling Know Your Customer (KYC) Compliance for A large asset management house in Europe

Enabling Know Your Customer (KYC) Compliance for A large asset management house in Europe

Business Need

The client needed to improve its Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures dictated by compliance issues. These procedures are invoked when starting a new counterparty relationship, when a counterparty or client changes ownership as a result of a merger, demerger or acquisition.

KYC Requirements

  • Establish confidence in data accuracy
  • Enable regulatory data reviews for compliance
  • De-duplication
  • Quality assurance reviews
  • Relationship hierarchies

HCL Solution

  • HCL created a highly scalable and extensible process framework, incorporating workflow, research and data standards to provide validation of client records (across three geographies)
  • Review and validation of counterparty data
  • Deploying a risk-based approach to KYC compliance with measurable data quality
  • Review and validation by referencing multiple internal and external data sources
  • Establishing audit trail and change controls in the process
  • Providing operational efficiencies and benefits as a byproduct of adhering to the regulations
  • Including offering compliance and credit staff a risk-based view of the counterparties

Business Benefits

  • Provided ability to assign risk parameters to counterparties and develop a risk-weighted view of the client base
  • Creation of a single golden source of cleansed reference data
  • Significant reduction in costs (over 50%) along with six sigma process improvements (with a 70% reduction in errors)

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