Achieve best-practices KYC onboarding with AML platform designed for AML/KYC best practices
| Best Practices in KYC Onboarding | RegTechONE Platform Solution |
|---|---|
| Risk-based Approach: Implement a risk-based approach to assess the level of due diligence required for each customer. Higher-risk customers should undergo more extensive scrutiny. | Recreate your exact Risk-based Approach as a no-code workflow in RegTechONE. Specify the question collection to match your exact needs, use the on-board Risk Engine to determine risk, and configure Event monitoring and Action triggers—according to levels of Risk determined according to user configuration of Risk Engine factors. |
| Customer Identification and Verification: Collect and verify customer information, including identity, address, and other relevant details, using reliable and independent sources. | RegTechONE facilitates a comprehensive KYC collection as configured by the user. And RegTechONE automates data pushes and pulls according to user preference via configuration, data subscriptions, and API interfaces. Further, users can configure for Perpetual KYC monitoring. |
| Enhanced Due Diligence (EDD): Apply enhanced due diligence measures for higher-risk customers, such as politically exposed persons (PEPs) or customers from high-risk jurisdictions. | RegTechONE’s no-code workflows and Event and Action monitoring and triggering systems can be configured to automate EDD measures as indicated by the user. With RegTechONE’s no-code workflows and end-user configurability, these changes only require configuration—no coding. |
| Ongoing Monitoring: Implement continuous monitoring of customer transactions and activities to identify and report suspicious behavior promptly. | RegTechONE users can choose from fully integrated modules for KYC/CDD with onboard Screening and Risk Engine, Transaction Monitoring, full Sanctions Screening and Negative News, and even FinCEN 314a functionality. Users can achieve KYC CDD, transaction monitoring, automated SAR reporting, Perpetual KYC, and much more—on a single no-code AML platform. |
| Technology and Automation: Leverage technology and automation tools for identity verification, document authentication, and monitoring. This can help improve efficiency and accuracy. | RegTechONE transforms efficiency and accuracy of your KYC and AML efforts. Users leverage RegTechONE, API interfaces, and automation features to maximize both accuracy and efficiency at all stages of the KYC CDD collection and AML Compliance. |
| AML Training: Regularly train staff to stay informed about the latest AML regulations and techniques used by criminals. This ensures that employees can effectively identify and report suspicious activities. | RegTechONE provides a powerful complement to your AML Training regimen. With RegTechONE, users follow pre-configured workflows, and the system archives all user actions and results. RegTechONE supports an institution’s efforts to systematize implementation and accountability of its training program. |
| Customer Risk Profiling: Develop customer risk profiles based on their business activities, transaction patterns, and geographical location. Regularly update these profiles to reflect changes in customer behavior. | RegTechONE provides a powerful tool to leverage risk profiles during the KYC CDD collection and subsequent monitoring. Users can easily tailor question collections, Key Risk Indicators,monitoring, and Risk modeling and rating according to customer types. And when Risk profiles evolve, users simply edit the no-code workflows in RegTechONE. |
| Document Retention: Establish a robust document retention policy to store customer information securely and ensure compliance with data protection regulations. | RegTechONE provides a comprehensive data-and document-collection functionality protected by multiple layers of security. And because of installation measures to keep all data within the institution, RegTechONE simplifies compliance with data-protection regulations. |
| Customer Outreach: Engage in periodic customer outreach to update customer information and verify the accuracy of the data on file. | RegTechONE features a simple and effective customer-facing portal through which they may complete KYC questionaires, submit documentation, and update expired documents. |
| Transaction Monitoring Systems: Implement robust transaction monitoring systems that can detect unusual patterns and flag potentially suspicious transactions for further investigation. | RegTechONE features a Transaction Monitoring module that integrates fully and seamlessly with RegTechONE’s KYC CDD module. And the platform automatically monitors for Key Risk Indicators and Key Performance Indicators configured by the user. RegTechONE also provides fully integrated Dynamic Case Management—work your cases from RegtechONE. |
| Information Sharing: Collaborate with other financial institutions and regulatory bodies to share information on suspicious activities and enhance the collective ability to combat money laundering. | RegTechONE simplifies authorized sharing through features like the FinCEN 314a module and automated SAR reporting. And RegTechONE makes possible eKYC Golden Records and Hub-and-Spoke management of KYC and AML for institutions with multiple branches. |
| Regulatory Compliance: Stay updated on local and international AML regulations. Ensure that your KYC processes align with the latest legal requirements and industry standards. | RegTechONE’s no-code configurability means that institution’s can “Comply on the Fly.” By that, we mean that institutions can update their workflows, their data subscriptions, and their API interfaces—no coding required. When regulations change, users update RegTechONE to match those changes. And with eKYC Golden Records, users at branch locations can add locale-specific information to the workflow already populated by the eKYC Golden Record functionality. |
| Independent Audits: Conduct regular independent audits of your AML and KYC processes to identify areas for improvement and ensure ongoing compliance. | With RegTechONE, auditors can constantly monitor any data element or sets of elements on a single server or on multiple servers. And with the Event and Action Library configured to user specifications, RegTechONE can automatically direct the Action Library to execute the configured actions. Auditors now cast a net of KRIs and KPIs and can now intercede when issues are about to happen. |
| Record Keeping: Maintain comprehensive records of customer due diligence processes and transaction monitoring activities for audit and regulatory purposes. | RegTechONE archives every customer record, every action taken in the system, the actions of each user, the notifications transmitted, and so on. RegTechONE provides a comprehensive archive and ‘map’ of an institution’s KYC/AML program and its Risk-based Approach in action. Not only does RegTechONE provide a record for audit and regulatory purposes, it provides a comprehensive data set for in-house training of AI applications. |
| Push Data: Get automatic updates from vendors in order to maintain near-real time accuracy in KYC and Risk Management. | RegTechONE ingests push data, and it automatically runs a Risk assessment on a client. This includes automatically screening added entities, automatically rerunning the Risk model, and automatically checking the Risk ratings of individuals who were added. |
With AML Partners’ platform technology for RegTech, updating and upgrading your AML and eGRC software solutions is easier, faster, and much less expensive. Contact us today to explore how platform technology and our end-to-end AML Ecosystem powered by the RegTechONE platform–can transform the efficiency and effectiveness of your unique AML Compliance efforts.
RegTechONE software for AML Compliance includes fully integrated modules for CDD KYC software for on-boarding, behavior and transaction monitoring software, and sanctions screening software for comprehensive AML screening. And AML Partners simplifies your end-to-end fully integrated AML Compliance efforts even further with an optional Subpoena Search module for FinCEN 314a and similar subpoena searches.
Contact us today to learn about our proof-of-concept option or schedule a demo of RegTechONE, the AML software ecosystem. With extraordinary configurability and built for API extensibility, the RegTechONE AML software platformpowers not only an end-to-end AML software solution but also vendor management, AML client lifecycle management, eKYC Golden Records, Perpetual KYC, and so much more.
