Establishment of the Processing Efficiency of Anti-Money Laundering Investigations for Pool-Assisted Clients at a Swiss Bank
According to the Swiss Criminal Code, a Swiss Bank has to to comply with its due diligence and to combat money laundering. The Swiss Bank is interested in complying with these regulatory requirements. Therefore, conspicuous client transactions are clarified, and detailed KYC-Profiles are created.
Gizem Avci, 2021
Bachelor Thesis, Zürcher Kantonalbank
Betreuende Dozierende: Frank Graef
Keywords: KYC-Profile, Compliance, Swiss Bank, Onboarding Process
However, it was found that little client information is obtained during the onboarding process, so customers have to be contacted again. To obtain the required information, direct clarifications are made with the client via telephone, or a questionnaire is sent to the customer. This results in loss of time and to a poorer customer satisfaction.
To solve the described problem, the present research first seeks to illustrate the reasons for the lack of KYC clarifications with new clients during the onboarding process. Furthermore, it aims to answer the question how the existing process can be enhanced such that a more detailed KYC-Profile is created and what the main benefits for subsequent anti-money laundering investigations for pool-assisted clients are. The argumentation is based on the analysis of the internal resources as well as on the execution of semi-structured interviews with experts.
It was found that the main reasons for the lack of KYC clarifications during the onboarding process is the missing of know-how of client advisors regarding anti-money laundering investigations and the creation of a KYC-Profile. Another important aspect is the lack of awareness regarding the importance of this clarifications. With the creation of a main proposal and a second proposal in this thesis, the current process is to be improved. The main proposal contains a template for a contact entry that can be inserted into the customer profile and then completed with the client information. The implementation of the main proposal requires little effort, but nevertheless contributes to an increase in efficiency in the processing of KYC-Profiles. The second proposal contains a more comprehensive template for further detailed clarifications. The implementation of the second proposal is the best way to optimize the efficiency of the anti-money laundering investigations, but it requires more effort. It was identified that with the creation of detailed customer profile for each account opening, the processing of KYC-Profiles can be increased from current approx. 45% to approx. 80%.
Studiengang: Business Administration International Management (Bachelor)
Fachbereich der Arbeit: Accounting, Banking, Controlling and Finance