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.

KeyCompliance offers subject persons a streamlined technology solution that simplifies the collection, storage, and use of CDD information and enables efficient compliance requirements in line with the mandatory risk procedures as set out in the PMLFTR, and enabled by workflow approval procedures.

Aggregating the data using rules based process management onto one platform saves time and increases productivity. Through the relationship creation facility, users save time in that they may create a number of relationships with an individual's profile - e.g. where an individual acts as director on a number of Boards or is deemed an ultimate beneficial owner of a number of companies. Once a customer is on-boarded, all lines of business have access real-time to the profile and any related profiles.

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.

KeyCompliance takes the detailed information gathered about customers and any ultimate beneficial owners and creates a well-organised, properly documented, rules driven risk rated customer profile. It provides a centralised system that drives customer due diligence across all lines of business.

Furthermore, KeYCompliance integrates workflow capabilities to control and streamline the approval or rejection process for customers. Additionally, the tool helps standardize the application of the risk assessment methodology while preserving customer, product and geographic differentiators.

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.

It assists users in responding and adapting to new regulations and requests with agility and reassurance. Peace of mind allows users to focus on their core competencies.

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.

Parameterised

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.