Our financial crime compliance and rigorous risk management strategies are the key to ensuring client protection in today's complex regulatory landscape.
Our financial crime compliance and rigorous risk management strategies are the key to ensuring client protection in today's complex regulatory landscape.
This large UK banking group approached Mercore Compliance for analysis on its PEP (Politically Exposed Person) population and an approach to enhanced monitoring.
The Mercore Compliance team completed an in-depth review of the group’s PEP population, building a PEP risk model and prioritising sensitive clients. Following the analysis, certain PEPs required additional source of wealth information to be gathered. The output included a cleansed dataset and a future schedule for monitoring retained customer relationships, which greatly enhanced the banks visibility of their PEP portfolio.
The data enrichment work included identifying additional PEPs and PEPs by association. Mercore Compliance also assisted with the creation of an ongoing PEP monitoring tool in a centralised database management with segregated approval profiles.
The banking group had previous experience of working with Mercore Compliance , and acknowledged its deep experience and proven expertise working globally in performing enhanced due diligence on high risk customers.