KYC/AML is a critical area for every financial and legal institution.  Due diligence kicks in depending on initial information collected on specific customers.  It is a rapid fire due diligence screening process.  Financial and legal institutions have been criticized by regulators for weak controls in this area and as a result have faced vast amounts of fines and penalties.

 

These regulations require organizations to perform ‘Customer Due diligence’ (CDD) measures such as:

(a) Identifying and verifying the customer’s identity on the basis of documents, data or information obtained from a reliable and independent source;

(b) identifying, where applicable any beneficial owners and verifying their identities on a risk sensitive basis

(c) Obtaining information on the purpose and intended nature of the business relationship as well things like source/origin of funds. There are also additional enhanced due diligence requirements for Politically Exposed Persons (PEPs), specifically around source of wealth

 

Get to know your customer:

All of this information goes into the creation of a customer profile model against which activity is measured – suspicious transactions then can be easily identified using AML software models such as our very own Velos AML/KYC System. Get to know your customer and stay compliant with AML regulations affordably and accurately.

For more information or to arrange a demonstration access our website at www.i-spiral.com or call us at 24-531975.