Stay ahead of compliance concerns

In recent years, governments worldwide have grown increasingly stringent in their regulatory endeavours, reinforcing their efforts to eliminate money laundering.

As business conduct is increasingly tightly-regulated and complex, compliance issues become ever more pressing. This has created an increased need for an automated Anti Money Laundering / Know Your Client system which assigns risk to clients both existing and potential.

Velos KYC/AML is a Comprehensive Software Solution which allows your organisation to stay ahead of compliance concerns. A valuable tool for compliance officers, Velos KYC/AML delivers valuable insights in terms of Knowing Your Customers while acting as a constant monitoring Solution.

The Solution automatically assigns a risk rating to clients based on more than 40 parameters as defined by CySEC, SELK, CYBAR, thus saving time and money and allowing your organisation to function effortlessly.

 

Key Features

Velos KYC AML iSPIRAL 1

 

1. Set up of Profiles for Individuals, Legal Entities, Funds and Trusts

The Velos KYC/AML Solution enables the creation of Client Profiles while maintaining important data related to KYC/AML compliance.

  • The creation and maintenance of various Client Profiles, including Individual, Legal Entity, Fund and Trust clients
  • Maintenance of additional lines of detail, such as criteria affecting the client Risk Evaluation
  • Allocation of directors/authorised persons, shareholders, beneficiaries, and partners
  • Designation of the Ultimate Beneficial Owner of the Company (UBO)
  • Maintenance of additional information such as Addresses, Bank Accounts, Mandatory
  • Documents for enhanced Due Diligence, Record Suspicions or Inspections, Keeping
  • Past Evaluations, Assigning Tasks to users, Keeping Contact Persons, and
  • Communication details with Client
  • Maintenance of information concerning FATCA and CRS

 

Velos KYC AML iSPIRAL 2

 

 

2. Set up Risk Evaluation Criteria Values - (Low, Medium, High, Ineligible)

  • The Velos KYC/AML Solution enables the creation of Client Profiles while maintaining important data related to KYC/AML compliance.
  • The defining of a set of Evaluation Criteria which affect the risk scoring of each client
  • Allocation of the Evaluation Criteria

3. Client ‘Risk Scoring’ and ‘Highest Grade’ Evaluation

A key feature of the Module, this provides the actual Risk Scoring Evaluation together with the Highest Grade Assigned to the Client.

Main components:

  • Automatic calculation of Client Risk Scoring and assigned Highest Grade through the use of a sophisticated algorithm. This is accomplished using the predefined Evaluation Criteria together with the relevant answers’ rates and each criterion risk point. Both Risk Scoring and Highest Grade are clearly shown on the Client Profile.
  • Automatic updating of the Evaluation Criteria Status. In the case of pending criteria, the status is automatically set to ‘Pending’; when all criteria are completed, the status is then automatically updated to “Completed”

 

Velos KYC AML iSPIRAL 34. Ongoing Monitoring

Velos KYC/AML provides Real-Time Monitoring of Clients by integrating with third-party providers.

Main components:

  • Assessment of Profiles against records concerning PEP/Black/Sanction lists
  • Assessment of Clients against records concerning The Panama and Paradise Papers
  • Vital additional functionalities, including Electronic Document Verification (eDV) and Electronic Identity Verification (eIDV)

5. Client Structure in Tree Mode
A crucial requirement for Regulatory Authorities is that organisations are able to provide their Clients’ Structure in a diagram mode. The Velos KYC/ AML Module simplifies this procedure by automatically reading entered data and generating a Client Structure report in tree mode.

Main components:

  • Extraction of data from Assigned Beneficiaries, Shareholders, Partners, Directors and other Authorised Persons
  • Creation of Tree Structure in a diagram mode. (Several types of Tree Structure can be extracted, such as those based on shareholding percentage, risk scoring percentage, highest grade, or profile status)

 

6. Automatic Re-evaluation of EntitiesVelos KYC AML iSPIRAL 4
Evaluating a client is not a one-off procedure. Based on a Client’s Risk Score, constant evaluations must be undertaken.

Main components:

  • Defining the re-evaluation period based on a Client’s Risk Scoring
  • Using parameterised tables to define the re-evaluation timeframe for a client, i.e. if the client is set as High Risk, a re-evaluation will take place within 12 months

7. Enhanced Due Diligence
When dealing with high-risk or high-net worth clients, companies must conduct Enhanced Due Diligence.

Main components:

  • Adding supporting Documents which provide the basis for enhanced Due Diligence
  • Assigning supplementary documents based on criteria answers
  • Maintenance of further information concerning supporting documents (e.g. document status, document source, document form, expiry date, issued date, document received date etc.)
  • Attaching or linking Documents

 

Velos KYC AML iSPIRAL 58. Custom Alerts Feasibility

Possession of the right information at the right time is the difference between success and failure. It is essential to ensure the relevant people, whether users or clients, are aware of the situation. For this reason, specific standard alerts together with additional custom alerts can be designed within the Velos KYC/AML Solution.

Main components:

  • Creation of both Custom and Standard Alerts on expired documentation, such as identity or passport documentation
  • Alerts in the form of reports, dashboards, or notifications within the application, or sent as an email either to the application user or the actual client

9. Completed Reports which can be given to Audit Authorities
The module supports the extraction of a wide range of Reports.

Main components:

  • Those requested by Authorities (Client Profile report, Tree Structure Report, UBO of clients etc)
  • Additional reports as required

10. Generation of Dashboards
The module provides a wide range of dashboards which can assist users in their day-to-day operations.