Global FinTech Requests a Client KYC Refresh

THE CHALLENGE

Due to regulatory scrutiny of insufficient KYC files the client was asked to remediate all customer files requiring Enhanced Due Diligence within a short timeframe in order to continue transacting with this set of clients. The company required subject matter experts and technology solutions to accelerate the file review process in order to meet the increased file requirements within specific deadlines. 

Further, the company’s existing sanctions / negative news screening solution was deemed to provide incomplete coverage. 

THE SOLUTION

Exiger was retained for five months to conduct their EDD file remediation including all customer open-source research analysis as well as watchlist screening of approximately 20,000 associated parties. 

Due to the sensitive timeline, Exiger quickly deployed a large team and stood up both process and technology in order to start reviewing files within days and completed customer screening to identify negative media to quickly escalate risks which may be outside of the client’s risk appetite. 

Exiger provided regular, detailed MI to report on the project process to key internal stakeholders which assisted in discussions with the regulator. 

THE IMPACT

Exiger helped devise and implement a new process methodology and uplifted standards in terms of file completeness, data quality and client responsiveness. 

By using technology solutions in a remote environment, the client was able to accelerate the remediation of its’ high-risk client population.

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