Money laundering and financial crime continues to be a burden on the UK banking system, with financial crime related to international payments being a material concern. The impact on banks and its customers are significant and so the industry is focusing on making payments more transparent to identify instances of financial crime.
Our Client had undergone a vast data improvement exercise focussing on their existing payments static data to meet SWIFT requirements and internal compliance standards.
The existing operating model and control framework was insufficient to guard against data quality degradation in the future, leading to increased probability of undetected risk events in the future.
A small Typhoon team facilitated workshops to rapidly understand current state payments processes and controls.
The team produced and presented summary findings to ExCo members, including heatmaps which demonstrated areas of compliance and risk, in order to prioritise remedial work.
Defined and agreed an interim operating model to maintain compliance with new standards in Payments Transparency.
Co-ordinated the sharing of information (data, guidelines, policies and procedures) between the central Financial Crime team and over 50 global sites to ensure operational readiness.
Embedded a fully compliant payments operating model including process and controls, agreed with all key stakeholders.
Produced process and controls documentation stored in a central repository for future reference.
Communicated new requirements to all relevant global teams.
Shared, and trained staff on, a change management framework for use in the business to implement future changes to processes and controls in Markets Operations.