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Case studies

Deloitte Greenhouse: Singapore

Aligning across regulatory requirements

A bank streamlines KYC processes by cross-functional collaboration

The client’s challenge

As KYC requirements across the region get increasingly stringent, especially given the recent MAS AML requirements, banks have begun feeling the pressure of complying with the regulations. Our client – a Japanese bank’s Southeast Asia and India business – recognized the drivers for compliance, but faced challenges in executing on requirements across their front, middle, and back offices that had traditionally been siloed. To this effect, Deloitte worked with the bank to support a day-long KYC workshop to deliver on three main objectives: exploring Deloitte’s PoV on leading KYC trends and showcasing industry best practices, learning from case studies of KYC compliance failures, and collaborating across departments to meet KYC requirements.

Deloitte’s solution

The Deloitte Forensics team, playing the subject matter expert role, collaborated with the Deloitte Greenhouse team to design and deliver an interactive workshop that met the client’s objectives by facilitating an enriching discussion. The workshop featured a content rich presentation where attendees were educated on leading trends and implications in the region around AML, KYC, sanctions and trade finance. They were then taken through a case study carousel that looked at failures in KYC compliance due to inadequate controls monitoring, wilful sanctions violations and failed risk monitoring and controls systems. Following this, participants articulated how they would respond to similar situations as preventive measures, and were shown some best practice recommendations. The final exercise involved a role simulation exercise where attendees were asked to walk in the shoes of their colleagues in the front / middle / back offices. This simulation featured common, day-to-day scenarios that helped participants understand their colleagues better in terms of roles and responsibilities, ownership, and accountability. By working through the client’s needs and challenges, the Deloitte team enabled the bank’s KYC team to voice their frustrations and concerns in a non-confrontational, objective and supportive environment.

Impact on client’s business

By facilitating conversation between disparate business units to gain alignment on KYC requirements, the bank’s KYC team recognized the need for cross-collaboration in order to comply effectively and efficiently. Subject matter experts guiding the conversation on best practices gave the bank’s KYC team a strong point of view on what the many nuances surrounding KYC. The interactive methodology stimulated rich discussion, and the client is currently discussing with the Deloitte team on how we can support them on similar engagements.

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