A financial services company was expanding globally, but struggled to establish bank accounts for its numerous entities. The complexity of adhering to AML and KYC requirements, coupled with the need for rapid account setup and favourable banking conditions, presented significant operational challenges.
The Idea
CEG’s idea aimed to optimise the client’s global banking operations by ensuring faster bank account setups through effective management of compliance requirements and improving the financial terms of banking services through strategic negotiations. This would facilitate the client’s expansion and streamline its treasury and banking operations around the world.
How did CEG help?
CEG launched a detailed study of the client’s organisational structure and the intricacies of its operations. The team prepared documentation to support the bank’s understanding of the client’s business model, highlighting potential profitability from the partnership. CEG ensured comprehensive governance, AML, and integrity policies were in place and well-documented. The process involved managing sensitive identification documents and providing streamlined access to them for banking purposes, thus easing the KYC process.
Where are they now?
The implementation of CEG’s strategic treasury and banking solutions resulted in a streamlined process for setting up bank accounts across the client’s global entities. By establishing a clear and compelling business case for the banks and ensuring that governance and compliance documentation were in order, CEG facilitated smoother and quicker bank account setups. Additionally, the negotiation of more favourable terms with banks reduced operational costs and enhanced the client’s treasury operations, positioning the company for more efficient global expansion and financial management.
