Perform mandatory procedures efficiently
The Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) require subject persons to undertake CDD on the applicant for business, the customer, i.e. the individual, company, or organisation involved in a transaction, and any ultimate beneficial owners.
Facilitates an objective approach towards AML compliance
KeYCompliance assists subject persons in determining the information and documentation that one has to collect from customers according to the customer type and the ML/FT risk that the customer would expose a subject person to (i.e. on the basis of the mandatory risk procedures set out in the PMLFTR according to customer risk, interface risk, geographical risk and service risk). The tool itself determines the risk level and the CDD measures one is required to undertake according to the determined risk.
Provide a user friendly repository for CDD records including audit trails
KeyCompliance also serves as a repository for all the CDD information and documentation, thereby making CDD easily retrievable. Such a system would enable users to have greater control on the level of compliance and the ongoing monitoring. Subject persons are legally obliged to maintain up to date documentation and to promptly respond (not later than 5 working days from when the demand is first) to requests for information from the FIAU. Should the FIAU issue a request for information, through the use of KeyCompliance, users are able to provide the FIAU with the required information/documentation in a timely fashion.
Provides online guidance throughout the whole AML compliance process
KeyCompliance is supported by guidance regarding the CDD requirements. The guidance, together with the requirements, are updated, from time to time, in line with legal and regulatory developments. Furthermore, through the 'Latest News' section, users are informed of developments within the AML/CFT forum.
Secure hosted solution
KeYCompliance offers controlled and segregated access to designated users, and does not require an organisation to install and maintain any system since it is hosted and backed up securely.
KeYCompliance is parameterised so users can tailor it to support their particular business rules, unique due diligence processes and risk appetite. Users have control on the parameterising of the risk levels according to one's customer base, product/service offerings and geographic differentiators.