The AML directive has two core obligations; customer due diligence and the obligation to report unusual transactions. The AML module supports you with the identification and verification of clients and the recognition of unusual transactions.
You are relieved from UBO forms
By setting up your AML process completely digitally in accordance with automated workflows, you are finally relieved of working with time-consuming UBO statements. These forms, often sent in PDF, are a thing of the past as of now. Automating and objectifying this process prevents frustration for you and your client. The Regulatory Lab digital process contains all requirements that follow from the AML Directive and is updated in the event of legislative changes. You save time and money and always work in accordance with the latest legislation.
- Does the application generate a summary for the regulatory body?
- Yes, the application generates a detailed summary with all the relevant information for the regulatory body.
- Is the application only suitable for large firms?
- No, the application is suitable for small, medium and large offices.
- Does the application check for any sanctions as well?
- Yes, the application checks and monitors all mandatory sanctions lists, the UN, EU and Dutch lists. In addition, the high-risk country lists are also checked and monitored. This way you no longer have to subscribe to expensive suppliers where you can check names. Manual checking is a thing of the past.
- Do I also comply with the GDPR guidelines?
- You may store and keep information that you request under the AML directive, but you may not use it for any other purposes. The AML compliance software ensures that this information is stored separately. Data does not end up in other applications, such as a file administration or CRM application. This way you not only comply with the AML directive, but also with the GDPR guidelines.
- Is the application only suitable for AML or also for Voda cases?
- Both the AML and Voda identification can be done through the application.