End-to-End Anti-Money Laundering (AML) Program
The Client
Global 100 financial services company
The Challenge
Our client sought to protect its brand, avoid regulatory scrutiny, and prevent fines by complying with all aspects of strengthened Anti-Money Laundering (AML) regulations. Our client required an entirely new program including money laundering risk analysis, policies, procedures, technology, and a training program. More importantly, our client needed to quickly implement its AML program to meet regulatory deadlines.
The Solution
Restricted by a tight timetable, HighQuest Partners facilitated the establishment of our client’s end-to-end anti-money laundering (AML) program. HighQuest assessed money laundering risk across varying products and business lines, developed policies and procedures to mitigate risk, and rolled-out the end-to-end AML program through a firm-wide training and awareness initiative. To ensure the success of the AML program implementation, HighQuest leveraged online training where appropriate and provided hands-on assistance for departmental procedural changes. HighQuest also evaluated AML vendor technologies and services so as to select, implement, and roll-out systems and services to support the AML program inline with our client’s requirements. Once technologies were selected, HighQuest initiated and managed the implementation of system changes. At the conclusion of the project, HighQuest provided our client's leadership with an implementation plan for the continued evolution of the AML program and an audit plan to ensure the continued success of the program.
The Results
The value of the engagement was realized through the successful on-time, on-budget implementation of a comprehensive end-to-end AML program inline with all regulatory and business requirements in order to maintain our client’s positive reputation and strong market presence. The AML policies, procedures, and technology implementation addressed all critical aspects of AML regulations including Enhanced Due Diligence (EDD), Know Your Customer (KYC), Customer Identification Program (CIP), Suspicious Activity Reporting (SAR), Office of Foreign Assets Control (OFAC) screening, and record keeping. In addition to meeting all regulatory requirements, the program was implemented in a cost-effective manner so as to prevent impact on product cost-structure. The program leverages scalable AML technologies and services in order to minimize variable operational costs as well as to assist in the minimization of false-positive money laundering inquiries. Finally, the AML implementation provides a flexible program and management structure that does not hamper the maintenance of new and current business as evinced through the unimpeded introduction of two new products since the AML program’s inception.
