Managed Services

The Challenge

The client implemented a new screening tool experienced a sudden increase in alerts, resulting in a backlog of over 20,000 cases for review within a tight deadline. Facing regulatory scrutiny, the client needed to clear the backlog quickly and re-test the screening tool.

The Solution

Thistle provided a team of 15 experienced professionals within one business day. After a one-day training session, the Thistle team began working on alerts and successfully cleared the entire backlog in less than three weeks.

Thistle also supplied a senior team leader who managed all interactions with key stakeholders and provided accurate updates on a daily basis. The Thistle team worked overtime and on weekends at no extra cost to expedite the review process.

As a result, the client retained two resources to work full-time alongside their core team in order to manage business-as-usual (BAU) volumes and prevent the backlog from reoccurring.

The Result

Thistle successfully reviewed and cleared the entire backlog in a timely manner while assisting the client in managing communications with their own clients. The team collaborated closely with the core team and IT to identify and address the root causes of the backlog. Currently, two resources are supporting the client with BAU operations.

The Challenge

The client, a non-bank financial entity, aimed to enhance their Know Your Customer (KYC) standards by rolling out a new Customer Risk Assessment methodology. The Firm had to apply this new methodology to the back-book of customers (all complex corporate structures). 

The Solution

Thistle have provided the client with one expert KYC resource to augment their core team. Thistle’s resource conducted a comprehensive gap analysis of client files that lacked adequate risk assessments. This involved identifying key deficiencies and addressing them through targeted actions, including:

• Gathering and verifying missing documentation (for example, identification requirements)

• Conducting outreach and engaging in calls with relevant stakeholders to resolve outstanding information requests

• Utilising a customer risk assessment tool to appropriately assess and risk rate client files.

Given the knowledge and expertise of the Thistle resource, the individual was responsible for remediating the high-risk, complex client files. These efforts resulted in significant progress in ensuring compliance with regulatory requirements and standards across their client files.

The Result

Our work led to substantial improvements for the client, effectively addressing the key deficiencies identified and filling in compliance gaps. All gaps were cleared and the new Customer Risk Assessment methodology applied. .

The Challenge

The client had ambitious plans to expand its client portfolio and required an immediate implementation of a scalable, expert-led approach to Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.  

The Solution

Thistle Initiatives designed an SME financial crime network that included an AML/CTF policy, a Customer Due Diligence (CDD) procedure, and a Customer Risk Assessment methodology workbook documentation specifically tailored to align with the client firm’s unique business model. 

We developed an AML onboarding form, an outreach template for contacting potential clients, and a one-page report template to help make the evaluation feasible with considerations to risks and red flags associated with each deal to enable informed decision-making at the Investment Committee.  

There is also an ongoing expert resource to undertake the firm’s due diligence processes for onboarding new clients.  

We ensured a swift response to new client requests within one business day, sending the AML onboarding form to potential investors, and managed the outreach process along with the initial review of responses. Thistle conducts due diligence on complex international corporates to navigate challenging structures in identifying ultimate beneficial owners and maintain communication with investors. 

We performed Enhanced Due Diligence (EDD) for high-risk cases that required additional information and supporting documentation. Thistle also conducted a risk assessment of the investors and prepared a KYC pack to determine client onboarding.  

The Result

Thistle Initiatives supported the firm in building an AML framework that focused on due diligence measures for onboarding new clients and expanding the client’s portfolio. 

Outsourcing the due diligence process to Thistle enabled the client to focus on core business activities with confidence that financial crime risks are mitigated and onboarding processes align with FCA standards.