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


One of the world’s largest investment banks headquartered in Western Europe initially met with us as they needed help with ‘top up’ research; their clients expanded across new geographies, and their KYC files needed to meet new country-specific regulatory requirements across more than 150 jurisdictions. This was coupled with the fact that the bank had faced remediation costs of over $100M within the past year and did not want to repeat this.

The front office staff were keen to onboard customers more quickly, but found themselves unable to because of complex processes – periodic reviews and deadlines pushed new client onboarding down the list of priorities. Therefore, the executive team resorted to manually reviewing all new clients before the KYC process due to the cost involved.

The remediation project was also so large, and onboarding so slow, because of challenges with the CLM implementation on an outdated system. Manual data entry was normal, and junior staff struggled with QA failures often around UBO calculations. The bank had an 85% QA pass rate target that had never been made. Working faster meant more mistakes, and thus an increased workload. The global platform was to be used by around 2,000 individuals from onboarding, remediation and refresh teams.

The solution was to invest in technology. While the bank had developed custom software before, Arachnys’ approach was appealing as we productize market needs into our platform rather than carrying out bespoke development; minimal setup costs and faster delivery all to a higher standard. Following a successful first demo and a large RFP process, we were delighted to be selected, assisting through our ability to handle structured and unstructured data using a co-ordinated process.


With the main challenge being to maintain detail across a global client base’s onboarding and review policy, Arachnys provided a project team to travel to many offshore locations with the client. The documentation of the current state, and desired state, process with stakeholders was run, making it simple for the executive sponsor of the project to present plans to regulators in relevant countries. These were accepted as the project ultimately improved their process.

“Arachnys will help us make sure we can run 4,000 KYC cases a week, to avoid massive remediation costs.”
Managing Director of CLM, CIB

The large implementation size meant that Arachnys created a thorough governance structure with regular project meetings and Quarterly Business Reviews with executives from both parties. The partnership and consistent sharing of industry information ensured the desired solution was provided, and the project roadmap was aligned to a high level should the bank’s needs change in the future.

The platform is now in production, and the bank has achieved a fully transparent audit trail. Similarly, with KYC as the entry point of external data into the bank, the assurance of data quality is now much higher, and the client is looking to leverage this data into other systems including transaction monitoring and AML alert clearing processes. Further cost saving and reduced duplication can be achieved by these means.

“We bought Arachnys as we knew it would provide us to have confidence in every KYC profile that we create, to avoid any future remediation, and secondly it would let us build these profiles much faster.”
Head of Operations, CIB


  • Complex customer profile enrichment reduced from days to hours in a single working environment.
  • Ensured business policy management and process consistency for over 150 jurisdictions.
  • Simplified customer outreach and reduced onboarding times significantly.
  • Enabled research to be leveraged across teams, reducing duplication.
  • Contract signature to Go-live in 8 weeks.
  • Our Business Processing Models were leveraged by the customer to prove compliance to the regulator.