• about reply
Avantage Reply Logo
Menu
  • About Us
    About Us
    • About Us
    • History
    • Our Approach
    • Values
    • Alumni
    • Strategic Partners
    • Media Contacts
    • Contact Us
  • Our Capabilities
    Our Capabilities
    • Our Capabilities
    • Risk
    • Insurance
    • Finance
    • Conduct & Compliance
    • Technology
  • Newsroom
    Newsroom
    • Newsroom
    • News
    • Events
    • Press Articles
    • Blog
    • Academy
  • Publications
    Publications
    • Publications
    • Briefing Notes
    • Case Studies
    • CRO Insights Journals
    • Infographics
    • White Papers & Practical Guides
  • Career
    Career
    • Career
    • BELGIUM
    • FRANCE
    • ITALY
    • LUXEMBOURG
    • NETHERLANDS
    • UK
  • about Reply
Avantage Reply Logo

Search

Case Studies

Case Study

Anti–Money Laundering (AML) Remediation Program – Banking & Finance Industry

FOCUS ON: Case studies,

SUMMARY

Avantage Reply began in January 2022 to support an important European universal bank to efficiently implement an AML remedial plan imposed by the local supervisory authority.

Avantage Reply‘s team of 10 consultants, ranging from Consultant to Senior Manager, supports the customer on the program, team management, the development / implementation of internal processes and the file review as well as transaction monitoring analysis based on a risk approach. They are positioned to work as compliance analysts, dealing with files and bank accounts on CIB (Retail, Corporates, Institutions) and Wealth Management (European and Non-European private banking, Business Owner and Family Office) clients.

Avantage Reply efficiently produces successful results and provides important support to the Client in order to improve the remediation program within the deadlines.

CUSTOMER GOALS

The Client has developed an action plan according to the finding’s and the report of the supervisor that followed, after client was inspected. The goal of the client is, within the tight timeframe provided, to successfully implement the actions and recommendations enacted by the local authority through its report as well as to proceed to the full review of the bank’s customers in compliance with the AML regulations.

CHALLENGES

The client pursuant to regulatory and legal requirements is required, among other things, to implement a series of measures for an appropriate risk-based approach on the following:

  • Acceptance procedure and on-boarding of new clients and assess relationship with existing clients;
  • To produce Risk and AML assessments;
  • To systematically monitor for atypical transactions and perform adequate vigilance for transfers from abroad;
  • To perform adequate client file analysis and client file review;
  • Proceed to blocking of accounts and/or the exit of customers that do not comply with the remediation program and the requirements of the AML regulations

Avantage Reply, is not the only consultancy firm engaged to support the client to succeed its requirements and reach the deadlines given by the supervisor. However, the co-operation with other consultants involved is managed smoothly.

Avantage Reply consultants are dealing on a daily basis with complex and challenging situations to perform their work appropriately in order to reach the tight deadlines. The complexity is, in certain situations, being created by internal and organizational processes that are in place, which are usually being modified to satisfy Client’s needs.

SOLUTION

Avantage Reply, has engaged its experienced consultants in the financial crime and anti-money laundering compliance field to support the client in performing customer file reviews and transactional monitoring of private and institutional clients.

The majority of consultants are engaged as Compliance analysts in charge of the full customer’s review including the application of the Know Your Customer (KYC) and Know Your Transaction (KYT) requirements as required by the European and local regulations. The consultants help the bank to face an important number of files to be reviewed within the deadlines imposed

Some Reply consultants are also engaged as Project Managers by the client in order to manage, monitor, enhance and optimize the Remediation program as well as the internal procedures and policies of the bank.

RELATED CONTENTS

Case Study

Supporting daily ALM activity and reporting

Avantage Reply assisted a Finance department of a well-known private bank in daily activity and reporting production of the Assets and Liabilities Management team. The key tasks were assist the team in the improvement and preparation of the Internal Liquidity Adequacy Assessment Process (ILAAP), advise on the regulatory requirements and contribute to the implementation of local.

Case Study

Testing of liquidity regulatory reporting in light of the new BO system

Avantage Reply assisted a Finance department of a well-known private bank in the connectivity test phase within back office tool migration. The project covered a wide range of activities such as conducting multiple User Acceptance Tests (UAT) with on-shore teams, verify the impact of the change on regulatory reporting.

Case Study

Finance reporting support

Avantage Reply assisted a Finance department of a well-known private bank in daily and monthly reporting production related to liquidity. The key tasks were: produce and certify various regulatory reports, such as LCR, AMT, NSFR incl. contributions to group consolidated reports; produce and certify integral liquidity reports based on inputs from various business line.

 ​
 
 ​
 
Reply ©​​ 2023 - Company Information -
 Privacy Cookie Settings​
  • Abou​t Reply​​
  • Investors​​​
  • Newsroom
  • Follow Reply on
  • ​
​
  • ​About Avantage ​​Reply
  • Privacy & Cookies Policy
  • Information (Client)​
  • Information (Supplier)
  • Information (Candidate)