COMPLIANCE IS NOT
Every year criminals use the Financial System to Launder Billions of $$$$.
The Financial Industry then spends Billions $$$$$ on REGULATORY FINES, PEOPLE and SOFTWARE.
In response the Financial Intelligence Authorities add new categories of "ACCOUNTABLE PERSONS".
THE AML & KYC PROBLEM
The AML World of "Accountable Persons"
LAND REGISTRAR | COMPANY REGISTRY | INVESTMENT AUTHORITY | CITY AUTHORITIES | LOCAL GOVERNMENT AUTHORITIES
Client and client associations are included in the United Nations 1267 Sanctions list.
Beneficial owner of the account not properly identified.
Use of nominees, trusts, family member or third party accounts.
Use of false identification by the client or client associations.
ACCOUNTANTS | ADVOCATES |
Client provides false information or information that you believe is unreliable.
You are aware that a client is the subject of a money laundering investigation.
A new or prospective client is known to you as having a questionable legal reputation or criminal background.
Transaction involves a suspected shell entity (that is, a corporation that has no assets, operations or other reason to exist.
SECURITIES EXCHANGE | SECURITIES BROKER/DEALERS
The parties to the transaction (owner, beneficiary, etc.) are from countries known to support terrorist activities and organizations.
Client appears to be acting on behalf of a third party, but does not tell you.
Client insists that a transaction be done quickly.
The transaction does not appear to make sense or is out of keeping with usual or expected activity for the client.
Client attempts to develop close rapport with staff.
REAL ESTATE DEALERS
REAL ESTATE DEALERS | CASINO'S | JEWELERS
Transaction seems to be inconsistent with the client’s apparent financial standing or usual pattern of activities.
Transaction appears to be out of the normal course for industry practice or does not appear to be economically viable for the client.
Transaction is unnecessarily complex for its stated purpose.
Activity is inconsistent with what would be expected from declared business.
BANKS | INSURANCE COMPANIES | FOREX BUREAUS & FOREX TRADING
Client starts conducting frequent cash transactions in large amounts with unusual denominations when this has not been a normal activity for the client in the past.
Client consistently makes cash transactions that are just under the reporting threshold amount in an apparent attempt to avoid the reporting threshold (for example between UGX 19,000,000 and UGX 20,000,000).
NGO'S - CHURCH'S
NGO'S | CHURCH'S
Transaction involves Non-Profit or Charitable Organization for which there appears to be no logical economic purpose or where there appears to be no link between the stated activity of the organization and the other parties in the transaction.
"Confidence in AML Risk Decisions"
SCREENED is a Compliance-as-a-service Platform built to enable AML/CDD/KYC Compliance for "Accountable Persons" as provided by the FIA Regulations.
Our Platform uses Ai - Artificial Intelligence to update information in real time covering the following: AML Global & National Sanctions and Warnings | Politically Exposed Persons (PEPS) | Adverse Media - news articles that report Financial Crime, Terrorism, Fraud or Narcotics and court cases.
200+ Countries and Territories | 15 Minutes to incorporate Updates |30,000 existing profiles enhanced daily |5-8M articles analysed daily |10,000 data sources actively monitored |100% of profiles checked daily
This covers Sanctions (People or Entities that are under the UN sanction list) Warnings (People that are on the Global Wanted list) | Fitness and Probity (People or Entities that have been listed as Not Fit and Proper).
This covers PEPs ( Politically Exposed Persons) including Heads of State, Heads of Government Ministries, heads of Local Governments, Heads of government controlled Institutions. These are classified based on their Class from 1-4.
This covers Adverse Media Reports for People or Entities that have been cited by Media Reports for involvement in Financial Crime - Corruption | Violent Crime | Sexual Crimes | Terrorism | Fraud | Narcotics| Concluded Court Cases. 5-8M media articles analysed daily.
AWARD WINNING "COMPLIANCE-AS-A-SERVICE" BUSINESS MODEL.
The majority of these "Accountable Persons" are SMEs with little or no Systems, Processes or Policies to address their compliance requirements. SCREENED provides a PAYGO AML Search and Risk Profile Categorization OR a MONTHLY SEARCH VOLUME BASED SUBSCRIPTION for KYC/CDD/AML Compliance enabling quick client acquisition decisions.
Criminals are made not born, a previously LOW RISK Person/Entity may suddenly become a HIGH RISK person-over night, this can expose you to Fines and Penalties.
Safe guard your Reputation and stay ahead by On-going Monitoring of your Clients transactions to ensure you are within Regulatory requirements.
SCREENED is able to assign Risk Profile and categories eg (LOW|MEDIUM|HIGH) with an (Optional) Financial Intelligence Authority (FIA) Reporting Feature.
The provision of objective AML/CDD/KYC advice including advice relating to Corporate, Legal and Compliance Structures, Training, Control Mechanisms and Systems.
Our Global Risk Categorization Service enables "Accountable Persons" get up to speed with the latest AML (Anti Money Laundering) |CDD Customer Due Diligence) |KYC (Know Your Customers) Obligations.
TUNED TO YOUR BUSINESS
Configure to your business – quickly tune scenarios without tech support to keep up with changing risks and behaviors
GIVE REGULATORS CONFIDENCE
Give regulators and banking partners confidence – ‘tried & tested’ system with a clear audit trail of monitoring and investigations
Implement quickly, easily and securely – easy to implement REST API or batch file upload
WORLDS ONLY DYNAMIC REAL TIME DATABASE
The world’s only dynamic, real-time database of people/companies that pose financial crime risk
RECEIVE ALERTS OF SUSPICIOUS BEHAVIOR
Receive alerts of relevant suspicious behavior and identify patterns and outliers across your payment flow
Increase automation – minimize unnecessary alerts by tailoring scenarios to customer or transaction risk
Lets build your Risk and Compliance Strategy with Anti Money Laundering Solution