Over the past year we have been working closely with one of the top Private Equity firms in Europe to help streamline their KYC and anti-money laundering research. Working together we have dramatically cutdown the time it’s takes to onboard a new investor allowing to increase their investor intakes.
The firm had been conducting their KYC research inhouse or requesting the information directly from their customers. Their compliance felt they could longer rely just on sourcing the information themselves as they were increasingly doing business across multiple jurisdictions with different complex requirements.
As the checks were on potential investors during fundraising windows there was need for urgency as well as accuracy. Any delays would severely impact the ability to reach their required investment levels while mistakes, as with all AML procedures, would be costly.
Having performed an initial assessment of their current processes we identified gaps in the data they were collecting and improvements that could be made. Having seen the results of our reports when compared to the information they were currently getting we were chosen as their search partner and instructed to find a solution to speed up the process. We also had to find a solution quickly as there was another fundraising window imminent.
“When we got the initial enquiry, we knew we could really help this firm improve their processes and productivity. It’s the type of work we love doing, as it showcases not only our expertise but also presented a new challenge. This was first we were being asked to create 100s of bespoke packages within a very short window. Deadlines are good though. They keep you focussed and determined.” Peter Booth, General Manager
The solution needed to be flexible enough to adapt to changing compliance requirements without being burdensome on the firm when placing an order. They chose to work with GlobalX because of our expertise in international searches and what information can be obtained the different official registries and through over channels.
To this extent, we agreed on creating a range of completely bespoke international company AML checks combining official registry extracts, our bespoke international reports and local investigations to ensure their had robust information to make an informed assessment.
One of the key benefits of our online ordering platform is that we can fully customise what products and packages are available to customer. This allowed us to create a new package for each of the 295 jurisdictions that contained the agreed datasets.
Ordering an AML search then became very simple compared with their previous process. They only needed to provide us with territory and company name, and we did the rest. They gave the confidence to delegate the process to more junior associates knowing our research were working off a pre-agreed package and the right information would be returned every time.
“This is the first time we had to onboard this amount of entities in such a short period of time – it was nice being able to rely on your assistance.” Compliance Manager, Top 30 Private Equity Firm
For their most recent round of fundraising we conducted over 500 searches across 35 international jurisdictions in just under four weeks. Building upon the success of the previous fundraising windows we able to help them onboard more clients than they had ever done before.
It has been a beneficial partnership for both of us, allowing us to also break internal operational and revenue records. We’re very proud that they continue to put their trust in us and have increased investments targets knowing their onboarding processes is robust enough to scale with it.
Contact GlobalX today on 0800 197 1757 to discuss how we can help with your KYC and anti-money laundering requirements.