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Support in Preparing for a Thematic Review of a PSP

In the dynamic world of payment service providers (PSPs), regulatory compliance is not a static goal but an ongoing process. When one of our clients, a fast-growing payment service provider, was selected by the regulator for a thematic review of its remote and other onboarding processes, it engaged us to provide targeted pre-audit support.

Thanks to our characteristically fast, flexible and results-driven approach, we were able to respond immediately, providing timely support and expert advice.

The challenge

The upcoming regulatory review required a thorough and objective assessment of the existing onboarding process. The PSP needed immediate expert support to identify potential vulnerabilities, validate client files and ensure that its operational practices were fully aligned with all applicable legal and regulatory requirements.

Our Approach and Services

Our approach is always holistic. We consider the bigger picture to deliver immediate results while creating long-term value. During this short, intensive engagement, we took the following steps:

1. Gap Assessment of KYC/CDD Procedures

We critically assessed the existing Know Your Customer (KYC) and Customer Due Diligence (CDD) procedures. Where necessary, we immediately implemented targeted changes to strengthen the processes.

2. Client File Review (Sample-Based)

We conducted an in-depth review of a sample of ten onboarded client files. Each file was manually assessed for full compliance, and operational practices were carefully compared against the prescribed process.

3. Step-by-Step Process Analysis

We analysed the entire remote onboarding process step by step. We not only identified gaps but also translated our findings directly into concrete, pragmatic recommendations for process improvement.

Through this targeted engagement, we provided temporary support in preparation for the regulator’s thematic review. We worked closely with the compliance officer, risk department and underwriters to develop a comprehensive understanding of the situation, successfully complete the gap assessment and deliver well-founded advice.

Is your organisation preparing for an upcoming audit, or would you like to take your gatekeeping function to the next level? We offer:

  • Pre-audit & Regulatory Support (DNB/AFM preparation)
  • KYC/CDD Framework Optimisation and gap assessments
  • Operational Excellence in compliance processes

Curious to discover how our results-driven consultants can support your organisation quickly and flexibly? Contact us today.

Would you like to learn how we can help your organisation prepare for a thematic review? Contact us today.

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