Barclays Bank

Correspondent Banking AML/KYC/CDD – A correspondent account is an account established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between the two banks.

As part of the Correspondence Banking client relationship, Citygold was contracted by Barclays to review the existing AML / CDD processes, propose and implement improvements to the correspondent client review process in line with the banks’ risk appetite.

The review involved mapping and documenting the existing and revised correspondence banking processes to align with the AML/KYC standards and policy the bank was mandated to adhere to.

Consolidation of Customer Service Teams – Barclays bank had a number of customer service teams based in Manchester (1 office) Leeds (2 offices) Liverpool (1 office). The plan was to consolidate into one office in Liverpool and one in Leeds.

Citygold was tasked with delivering several key aspects of this project:

documenting the Target Operating Model (As Is / To Be) for the customer service team
engagement with teams that were to be disbanded and ensured that all their processes and procedures were mapped
ensured training manuals were created containing the information recovered from the disbanded teams to be be used by the teams in Leeds and Liverpool

Open Banking

The CMA https://assets.publishing.service.gov.uk/media/5893063bed915d06e1000000/retail-banking-market-investigation-order-2017.pdf