Published on Wednesday 12th Jul, 2023 by mwekadmin
Digital Asset market maker in Crypto
It became apparent to the client during their internal controls testing that their client review policy and processes were not being followed either at all or in a timely manner and as such had a large number of clients (mainly Cayman Island based) that were ‘overdue’ their periodic review.
Our team (7) have been on site for the last 4 months working with the client to ensure their portfolio becomes compliant and their portfolio is aligned with regulatory requirements going forward.
If further became apparent that the new client onboarding policy and processes were not consistently followed by the Commercial and Onboarding teams and as such a large number of new clients had not been onboarded correctly – we assisted the client further by adding more people (5) to their new business onboarding team to clear the backlog of new clients and also work with the clients staff to embed the onboarding policy and processes the client had for onboarding new clients.
Portfolio size – high ’00’s
Length of engagement – 4 months to date with a further 5-6 months expectedBack to news