Anti Money Laundering (AML) compliance support

Connective Payments supports you in onboarding your clients and updating your existing client files.

Know Your Customer (KYC)

Establish the customer’s identity
Understand the nature of a client’s activities and verify deposited funds are from a legitimate source
Screen new customers against lists of crime suspects, individuals and companies under economic sanctions, and “politically exposed persons”—foreign public officials, their family members and close associates
Review policies and procedures
Analyse market trends and customer behaviour
Customer Due Diligence, ensuring the information a potential customer provides is accurate and legitimate
Requires ongoing assessment of the risk of money laundering posed by each client and the use of that risk-based approach to conduct closer due diligence for those identified as higher non-compliance risks. That includes identifying customers as they are added to sanctions and other AML lists.

Refers to the laws, regulations, and procedures aimed at uncovering efforts to disguise illicit funds as legitimate income.

Responsibilities:

Assisting with the development, implementation, and maintenance of an anti-money laundering program within an institution and ensuring compliance with current AML regulations, and other relevant legislation
Developing and maintaining a risk assessment framework for products and services, clients and customers, and other issues relating to money laundering
Keeping and maintaining records of high risk customers, and reporting suspicious activities to the authorities
Briefing and reporting to senior management on matters relating to internal AML compliance policies and procedures
Overseeing and implementing an ongoing AML training program for other employees
Conducting compliance testing, reporting relevant threats to senior management, and acting as an intermediary between their company and the relevant financial authorities

Does this sound interesting? Let’s get in touch!

For more information on our instant digital onboarding service, click here.