Brexit KYC and Regulatory Uplift Programme
Client-first is at the heart of everything that JDX does.
We shape our consulting capabilities, services, and experiences around our clients, working with them, and our partners, to design and deliver solutions with outcomes that target our clients’ pain points, unmet needs and real business problems. We use our unique perspective to provide optionality in the client outcome, while unlocking value throughout the journey. Today’s JDX client story showcases one of our Client Lifecycle projects.
Our client, a Tier 2 European Investment Bank, engaged JDX to perform a Brexit related uplift program. The initiative was convened because of the UK’s decision to leave the European Union. In preparation of a hard Brexit, the client needed to maintain their ability to directly trade certain products and offer services to its European clients through its Dutch branch.
At its peak, 25 JDX analysts were deployed to support the wider client’s Brexit team to review and uplift 4000 clients to the Dutch Branch standards in line with country specific KYC and other non-AML regulatory uplift requirements.
The JDX team was divided into 4 separate streams to maximise team efficiency and communication, including:
- Screening for Adverse Media
- PEP and Sanctions
- Client Outreach
- CDD and EDD
Fenergo was used as the CLM tool to manage the uplifting of clients in accordance with specific country uplift requirements. The JDX Team was utilised to both review and validate migrated information, and to identify gaps in data and documentation which then required sourcing from public sources for clients.
An internal JDX purpose-built MI tracking tool was created in Excel for each book of work to monitor project progression and VLOOKUPs were utilised to feed MI statuses into a Master Tracker which was universally shared amongst key stakeholders. To ensure quality control, JDX elected four four-eye checkers to quality check JDX cases prior to case progression to the Client’s QC team for official completion and closure.
As a part of the approach to uplifting clients through Fenergo, data cleansing was routinely carried out, ensuring that information held on record was up to date and any subsequent causes for Event Driven Reviews could be identified and escalated to the appropriate internal teams such as Financial Crime Advisory.
Outcome / Measurabe impact
- Completed 99.5% of cases
- Across 10 international jurisdictions
- Recognised shortcomings in procedural documents
- Implemented amendments to internal checklists
- Updated desktop procedures
- Adapted to new timescales due to Brexit delays
JDX completed the uplift of over 4000 cases for clients across more than 10 international jurisdictions during the project.
In addition to the original scope of the project, JDX performed numerous remediation and data cleansing projects that were added to the book of work.
JDX completed 99.5% of cases and performed a concise but detailed handover to the client prior to departure. In addition to completion of the original scope of the project, the JDX team were able to recognise shortcomings in procedural documents, implemented amendments to internal checklists and updated desk top procedures. With Brexit suffering multiple delays the JDX team were consistently forced to adapt to new time scales and priorities which allowed them to achieve all targets set by the client.