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 than 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.