Local regulator review identified inconsistent and incomplete KYC & Sanctions information. Local policies and local compliance with localised on-boarding model across 7 countries. Lack of agreement on which model best served the customer outcomes and banks strategy including a significant cost reduction.
The Aurora team conducted current state analysis on the global onboarding & KYC operating model before drafting a proposed approach and target state. This included benefits analysis, which identified an additional $6M on top of the existing business case from a move to a single global policy and centralised onboarding & KYC. The output enabled the senior sponsor to gain executive sign-off.