Expedited Client KYC Refresh for Global FinTech

The customer is a global FinTech company that was facing regulatory scrutiny due to insufficient KYC files. The company was required to remediate all customer files that required Enhanced Due Diligence within a short timeframe to continue transacting with a specific set of clients. The company's existing sanctions and negative news screening solution was found to be providing incomplete coverage. The company needed both subject matter experts and technology solutions to address this issue and meet the increased file requirements within the stipulated deadlines.

A global FinTech company was facing regulatory scrutiny due to insufficient Know Your Customer (KYC) files. The company was required to remediate all customer files that required Enhanced Due Diligence within a short timeframe to continue transacting with a specific set of clients. The challenge was to accelerate the file review process to meet the increased file requirements within the stipulated deadlines. The company needed both subject matter experts and technology solutions to address this issue. Additionally, the company's existing sanctions and negative news screening solution was found to be providing incomplete coverage, further complicating the situation.

Exiger, a global regulatory and financial crime, risk and compliance company, was retained for five months to conduct the Enhanced Due Diligence (EDD) file remediation. This included all customer open-source research analysis and watchlist screening of approximately 20,000 associated parties. Given the sensitive timeline, Exiger quickly deployed a large team and established both process and technology to start reviewing files within days. They completed customer screening to identify negative media and quickly escalated risks that may be outside of the client’s risk appetite. Exiger also provided regular, detailed Management Information (MI) to report on the project process to key internal stakeholders, which assisted in discussions with the regulator.

• Exiger helped the global FinTech company 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. This not only helped the company meet the regulatory requirements but also improved its risk management capabilities. The company was able to quickly identify and escalate risks that may be outside of its risk appetite, thereby preventing potential regulatory issues in the future.

• Exiger conducted EDD file remediation for approximately 20,000 associated parties.
• The file review process was started within days due to the quick deployment of a large team and the establishment of both process and technology.
• Regular, detailed MI was provided to report on the project process to key internal stakeholders.