Financial Crime Complaince controls across branch locations and locations of its direct sales agents
A multinational Bank wanted ComplyGenics to identify control lapses in its FCC program and test its effectiveness in preventing instances of money laundering.
The Bank was facing a challenge due to the non-uniformity of processes across its branches and direct sale agents. This was rendering their current FCC program ineffective due to lapses that should have been avoided.
Review of customer identification and on-boarding process to identify areas having exposure to FCC risks and assess whether current controls at the bank sufficiently address the risk.
Conduct mystery shopping at select branches and direct sales agent locations to understand the FCC controls in place.
The financial crime compliance and know your customer controls were tested through mystery shopping and penetration testing. In order to conduct such procedures scenarios were prepared based on discussions with the client.
Identified procedures helped the bank identify control lapses in its FCC program and help mitigate the reputational risk.
Identified procedures identified the sales culture of the bank to assess the efficacy and effectiveness in preventing instances of money laundering.