From banks to life insurance companies, from securities dealers to accountants, firms are responsible for ensuring that they employ appropriate controls to prevent money laundering and terrorist financing. This means, firstly knowing who is behind a client or transaction, and secondly understanding what a transaction is – is it normal behaviour for a client or client type or does it seen anomalous.
Examples might be a restaurant or hair dresser carrying out transactions which are far higher in value, or far more frequent than that normally expected for this type of business activity.
On-boarding new clients can be a time consuming and expensive task. New clients must have their identity verified, while in the case of individual clients, this involves verifying the authenticity of identity documentation, in the case of institutional clients can onerous task – verifying that the owners of an entity are who they are declared to be, sometimes across multiple jurisdictions can be an onerous task. New clients, or beneficial owners, must be checked against various sanctions lists and screened to see if they are politically exposed.
What is, perhaps even more challenging is maintaining this data – ensuring that over the lifetime of the customer, the the client are still who you believe they are, and that the risk associated with a client remains acceptable to the organisation and that any business carried out is within the law.
Our platform brings together the checks which must be performed into one holistic platform. Our solution helps you establish the processes of managing your client information, verifying against sanctions and terrorist watch lists in an automated way. When combined with transaction monitoring, this will help you ensure that all clients are monitored for suspicious activities and brought to the attention of the regulators and supervisory authorities.
We integrate external data providers for identity screening, sanctions and PEP screening and adverse media information, including data market leader, Dow Jones, who are provider to 20 out of the 25 top banks around the world ensuring that the information needed to effectively on-board customers, to identify risk, mitigate financial crime and comply with an ever-changing regulatory environment are together in one place, in one single tool, one single source of authority for a client-base.
Organisations must ensure that transactions are not carried out with companies that are involved in criminal and terrorist activities is a daunting task, especially so if there is a lot of client activity. Compliance staff can be over whelmed with the amount of manual work involved and may miss trends that may be easily noticeable if they had a system in place. All suspicious activities are mandated to be reported to an appropriate supervisory authority in the form of a SAR, or, in Canada a suspicious transaction report.
Our AML & KYC management suite brings all the information needed together to identify and monitor suspicious activity in one place, even automating the process of reporting anomalous behaviour into a single platform which can be used by both the business and compliance end-users alike.