global kyc remediation

How we helped a tier 1 investment bank avoid $100M of remediation costs


Global financial institutions must have up-to-date KYC files as a given, but when their worldwide remit covers many geographies, it is imperative that their processes meet country-specific regulations across the board. One of the world’s largest investment banks, headquartered in Western Europe, needed help with fast onboarding, and regulatory requirements had to be met across more than 150 jurisdictions.

As well as these challenges, cost-saving was another key issue the bank faced remediation costs of over $100 million within the past year, and did not want to repeat this.

Front office staff were keen for fast onboarding to be the key priority, but it was quashed due to complex processes, and the prioritisation of periodic review deadlines. Onboarding and remediation was slow due to the challenges of implementing a Customer Lifecycle Management (CLM) tool on an outdated system. Not only this, but due to the large costs of the KYC process, the executive team instead decided to review all new clients before getting to this stage.

Automation was also lacking; manual processes for data entry were commonplace and junior staff had problems with the identification and validation of UBO data. Because of this, the QA pass rate target of 85% was never made, and large headcount and friction from a poor process caused huge inefficiencies in onboarding, remediation and refresh. The global platform was intended for around 2,000 users.


Arachnys’ platform became the solution due to the ability to productize market needs into our platform following a successful RFP process, and our team’s ability to create a streamlined and transparent process between the two parties.

A project team from Arachnys traveled to many offshore locations with the client to maintain detail across their global client base’s onboarding and review policy. The documentation of current state and projected state was calculated with major stakeholders for the executive sponsor to present to regulators in relevant countries, which were accepted due to their improving of KYC processes.

Now, the bank is equipped with a comprehensive audit trail for a faster ongoing onboarding process, also saving costs by reducing duplicative efforts that existed before. KYC now acts as the initial point for external data; the quality of this data is far greater and the client is looking to leverage this data into other systems including transaction monitoring and AML investigations.

A governance structure was also set up to achieve a frictionless implementation despite the large global remit – the partnership and project roadmap is solidified through regular business reviews and subject to change according to the client’s needs.


  • Entity enrichment – complex enrichment of entities reduced from days to hours in a single working environment
  • Managerial oversight – ensured business policy management and process consistency for over 150 jurisdictions
  • Frictionless onboarding – customer outreach simplified and onboarding times significantly reduced
  • Greater efficiency – research leveraged across siloed teams with reduced duplication
  • Fast implementation – contract signature to go-live in just 8 weeks