Customised

Use your existing client data to implement a profiling methodology. 

KYC Register

Use the KYC register to filter data and produce risk reporting.

Risk Rating

All customers or clients are allocated an AML/KYC rating.

AML REGULATORY TECHNOLOGY

What is AML KYC?

The acronym KYC stands for Know Your Customer. It is used in compliance with anti-money laundering laws.  KYC requires customer profiling. A KYC profile enables a business to understand the risks the customer presents to committing crimes involving Money Laundering or Financing of Terrorism (ML/FT).

When a profiling methodology is adequately applied, results will identify the inherent characteristics that increase the likelihood of the customer engaging in ML/FT.

AML360 Features

  • Automated profiling
  • AML KYC risk register
  • One-click reporting
  • Evidence-based compliance
AML/KYC
kyc know your customer

KYC/CDD

AML/KYC: Customer Due Diligence

There are two parts to AML/KYC customer due diligence.  The first part involves identity verification and screening. This part of AML/CFT compliance is understood well by most businesses.  However, the second part of customer due diligence is poorly understood: risk profiling. 

Customer risk profiling examines the nature and purpose of the underlying customer relationship. Also known as a customer risk assessment, profiling will produce a risk score.  The risk score increases in line with the number of inherent ML/FT characteristics that are present in the nature and purpose of the customer’s account activity. 

AML360 Features

  • Customised KYC profiling.
  • Risk heat maps.
  • AML KYC risk register.
  • Established within 24 hours.
  • One-click reporting.

KYC/ODD

AML/KYC: Ongoing Due Diligence

Sometimes referred to as transaction monitoring, ongoing due diligence identifies when the customer’s activity is unusual or suspicious.  Reporting suspicious activity is the primary objective of AML/CFT laws.

To establish a KYC monitoring system, businesses need to incorporate product and service risk assessments, customer risk profiling and determine the rules of customer behaviour that should result in a red flag alert.

When a red flag is identified, the matter will be escalated to determine whether it is indeed suspicious or expected account activity.

AML360 Features

  • Monitoring register.
  • Product / Services risks.
  • Customised rules.
  • Escalated case management.
AML/KYC
Know your customer

KYC REPORTING

Importance of AML/KYC Record Keeping

KYC requires evidence-based records to prove obligations have been met with the implementation of customer risk profiling and ongoing monitoring.

Unless a business can produce these records, it will struggle to show it is adequately focused on AML/CFT compliance. Such failures increase the likelihood of a regulatory breach and, subsequently, a financial penalty.

AML360 Features

  • Automated record keeping.
  • Filters for data analysis.
  • Downloads for external reporting.