Mobilising 150 analysts for a fintech remediation project

Learn how Nexus AML remediated a large number of customer accounts within a strict time schedule for a major UK bank.

Challenge

We were engaged by a large UK digital bank to remediate 155,000 retail accounts in a short period of time - using our experience and rapidly deployable teams of skilled analysts. The number one priority for our client was to review existing customers deemed by their current process to present a potentially high risk of money laundering activity – also ensuring they only maintained relationships with customers where the risks could be effectively managed.

Key Highlights

Onboarding and training 150 people including analysts, quality control, subject matter specialists and team leads over a

6-week

New policy – Supported the

client by testing a new

remediation policy and

giving recommendations

Workflow tools – Created

procedures and process

tools to manage each case

Efficiencies to lower overall

cost of remediation –

Identified opportunities to

streamline processes to

reduce processing time

New quality framework –

no Quality Assurance (QA)

process existed

New planning and insight

tools to understand the

progress of the project

Approach - Preparing an expert team of analysts

We focused on assessing financial crime red

flags such as:

• Identification and verification concerns

• Rapid money movement

• Risky connections

• Suspicious payment activity

By taking advantage of our operational expertise, we developed and executed a plan to

deliver the required remediation within a 12-month timeframe. To achieve this, firstly we deployed a small team of 30 highly skilled analysts to learn the client’s policies, procedures

and systems before expanding this number to 150

Solution - Ensuring seamless delivery

During the planning phase of the project we were presented with stretching timelines to complete the reviews. This was the client’s first programme of this size, meaning that close collaboration and active engagement was critical to project delivery. Detailed planning and forecasting showed that Nexus AML needed to deploy a workforce of 150 analysts in a six-week period to meet the client’s deadlines.

Analysts familiarised themselves with the policies and procedures that the client provided them with and supported the client with new policy onboarding - including rapidly optimising the policy and rolling this out as the new standard. With a focus on transaction monitoring, SARs and KYC, our analysts provided the client with invaluable knowledge and experience to sculpt their current AML frameworks.

Outcome

A comprehensive review of files completed to regulatory standards and in line with agreed

timeframes.

• Rapid deployment of 150 analysts

• Trained internal client teams

• Completion of 155,000 client account reviews

• Analyst feedback helped implement robust policies and procedures

• Client productivity and quality control improved significantly

• Addition of performance tracking tool

• Creation and deployment of a management insights performance pack

  
  

The project was completed with Nexus AML having delivered the remediation of client files under strict time constraints placed upon the client by regulators - providing operational excellence that went beyond the client’s expectations. Best practice relating to resourcing, planning and forecasting was embedded in the client’s processes to ensure continual operational efficiency.